Equipment Lease Contract

By | November 24, 2014

A lot of businesses operate with equipment they rent out, for varied reasons like it is more profitable to take a lease on equipment or it is not financially possible for them to purchase the equipment etc. In any such case, the lease will have to be legally recorded by the way of a legal document called the equipment lease contract.

This contract records all the details like the info about the equipment, the businesses/ entities that are involved etc. The equipment lease contract template is sort of a format outline which directs people into framing the actual contract with ease and efficiency.

Sample Equipment Lease Contract

This contract is being entered in between _______________________________ (mention the name of the equipment owner), to be referred to as the LESSOR hereon after; and ___________________________ (mention the name of the entity taking the equipment on lease), to be referred to as the LESSEE hereon after; as on the ________________________ (mention the date on which the contract is being signed).

As per the statement of the contract the names LESSEE is being issued a lease on some equipment by the named LESSOR for a period of _______________________ (mention the period for which the lease is being issued) which begins on the _______________________ (mention the date on which lease starts) and ends on _______________________ (mention the date on which the lease will be deemed as expired).

Details of the Equipment:

(As per the indications that are given in the brackets after the headers, attentively fill out the required information about the equipment that has been leased out).

Equipment (mention the name or code of the respective equipment) Description (provide a brief description of the equipment like its use and kind etc.) Quantity (mention the number of pieces of the equipment taken on lease)

Details of the LESSOR:

(In the blanks fill the info of the lessor as called for by the heads.)

Name: _____________________________

Official Contact Address: ______________________________________

Contact No.: __________________________________________

Details of the LESSEE:

(In the blanks below fill out the LESSEE’s info as required by the heads)

Name: __________________________________________

Official Contact Address: _____________________________________

Contact No.: __________________________________________

Contract Terms and Conditions:

(The terms and conditions which govern the leasing contract and that are to be followed by both the parties are mentioned here in point format.)

  1. ____________________________________________________________
  2. ____________________________________________________________
  3. ____________________________________________________________

Signatures:

(The parties must sign on the blanks and mention the names in the brackets that follow.)

_______________________________                          _______________________________

(Name of the LESSOR)                                                                                (Name of the LESSEE)