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Equipment Rental Agreement Template: Benefits & How To Fill Out

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An equipment rental agreement is between a property owner and renter for the rental of equipment. It includes clauses related to payment rates and late charges, maintenance and damage, and termination of the contract, as well as others. This serves to prevent misunderstandings, while ensuring everyone is aware of their responsibilities.

Instead of writing up this contract, you can purchase an equipment rental agreement from ContractsCounsel, an online legal network connecting clients with vetted lawyers. Not only can you conveniently purchase this agreement from the platform, but you can hire the lawyer who drafted it for assistance.

Read the rest of this article to learn why you should purchase an equipment rental agreement from ContractsCounsel and what this template contains.

Reasons to Purchase an Equipment Rental Agreement Template from ContractsCounsel

Buying a contract template from ContractsCounsel’s platform is easy and quick. Here are the benefits.

  • It’s downloadable. As soon as payment is completed, you will receive a link to download the agreement to your device.
  • It’s drafted by vetted lawyers. The platform’s vetted lawyers have drafted the contract templates so they’re legal, comprehensive, and accurate.
  • It can include a consultation. If you have any queries about the contract, or you want a lawyer to review it, you can connect with the lawyer who drafted the template.
  • It’s affordable. An equipment rental agreement template costs just $19.95.

What’s in an Equipment Rental Agreement?

Some of the most essential clauses in an equipment rental agreement template include the following:

Equipment

The template specifies what equipment will be used during this agreement, so there is no confusion between parties about what’s included.

Lease

By stating when the lease begins and outlining the payment amounts, this provides clarity to both parties. This section also includes how payment will be made. For example, if payment will occur via bank deposit, the person’s banking details will be provided.

Late charges

Should there be late payment, this section outlines the fees that need to be paid.

Security deposit

The lessee needs to make a security deposit (the amount will be chosen by you and the other party) before using the equipment. If the lessee violates this contract, they will forfeit their deposit.

Delivery

Parties must agree on whether the lessee will or won’t be responsible for equipment shipping costs.

Termination

Either party can end the contract, as long as they give a specific amount of days’ written notice. The lessor can end the agreement if the lessee fails to make rental payments on time or violates the contract.

Usage

The lessee needs to use the equipment in a careful way, while complying with all rules and laws. Should maintenance be required, the lessee has to pay for this, accepting all risk of loss or damage.

Insurance

It’s the lessee’s responsibility to upkeep insurance on the equipment.

Governing Law

Parties need to choose what state’s laws govern the agreement.

Dispute Resolution

If parties disagree on a matter, they will try to resolve it through negotiations. If this isn’t successful, arbitration will be the next step.

How to Fill Out the Equipment Rental Agreement Template

The contract has spaces where you can fill out important information to customize the agreement. Here’s how to fill it out.

  • Step 1: At the start of the contract, fill out the agreement date and names of the parties.
  • Step 2: Fill out what equipment will be used during the terms of this contract.
  • Step 3: Write the dates when the lease agreement begins and ends.
  • Step 4: Write down lease payment information amounts. There’s also space for you to fill out your banking details. If the payment is to be made via check, fill out the address of the person receiving the payment.
  • Step 5: Fill out the number of days after which late payment fees need to be paid. There’s a space in which to write the fee amount.
  • Step 6: In the “Insufficient Funds” section, write down the amount the lessee will be charged for each check that gets returned due to a lack of funds.
  • Step 7: Fill out the amount of a security deposit that will be made before possessing the equipment.
  • Step 8: Tick a box to choose if the lessee will or won’t be responsible for shipping equipment costs.
  • Step 9: Fill in the number of days for written notice should one party wish to terminate.
  • Step 10: Select a state whose laws will govern the agreement.
  • Step 11: Choose a state where arbitration will take place should a dispute arise.
  • Step 12: Write yours and the other party’s address where notices can be mailed.
  • Step 13: Add any additional terms and conditions that you and the party want to include.
  • Step 14: At the end of the agreement, both parties should sign and print their names.

Ready to Purchase a Contract Template from ContractsCounsel?

You can complete the purchase within three easy steps:

  1. On the Equipment Rental Agreement Template page, click “Buy template.”
  2. You’ll be directed to a page to complete payment.
  3. You’ll receive a link to download the contract.

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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