Equipment Lease Document Templates
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What is an Equipment Lease Agreement?
An equipment lease is a legal contract that allows you to use an asset, such as a car or truck, without purchasing it. Leasing can be an excellent option for entrepreneurs who need the flexibility of not having to purchase more expensive assets outright and want to avoid the responsibility of owning those items.
An equipment lease is a type of financing that allows you to use expensive machinery for an extended period of time at a much lower monthly payment. With the right terms and good credit, leasing can be cheaper than purchasing outright. Maintaining your equipment will also be easier since you won’t have to worry about wear and tear on the machine or unexpected maintenance costs. Leasing something like a 3-D printer is especially beneficial in this regard because they’re very expensive but require little upkeep over their lifetime. The key thing to remember when considering an equipment lease is that it’s not really ownership so there should never be any confusion as to who has possession of the item after the lease expires. You’ll need to carefully read through all contracts.
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Equipment Lease FAQ
What type of equipment can be leased?
Anything can be leased but generally, a contract is reserved for commercial applications. Common equipment leases in Canada include vehicles, farm equipment, photocopiers, and even IT equipment.
What to do if the money isn't returned?
If the money is not returned under the terms of the promissory note the lender can take to the borrower to court and win. Before it gets to that point it is best to try and request the money or settle the debt before hiring lawyers.