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EQUIPMENT RENTAL AGREEMENT
THIS EQUIPMENT RENTAL AGREEMENT (this "Agreement") dated this ________ day of ________________, ________BETWEEN:
______________________ of _________________________________(the "Lessor")
OF THE FIRST PART
- AND -
______________________ of _________________________________(the "Lessee")
OF THE SECOND PART
(the Lessor and Lessee are collectively the "Parties")
IN CONSIDERATION OF the mutual covenants and promises in this Agreement, the receipt and sufficiency of which consideration is hereby acknowledged, the Lessor leases the Equipment to the Lessee, and the Lessee leases the Equipment from the Lessor on the following terms:
Lessor: ______________________, _________________________________
Lessee: ______________________, _________________________________
IN WITNESS WHEREOF ______________________ and ______________________ have duly affixed their signatures under hand and seal on this ________ day of ________________, ________
______________________________(Witness)
____________________________________________________ (Lessor)
____________________________________________________ (Lessee)
An Equipment Rental Agreement can also be known as a/an:
An Equipment Rental Agreement is used when one party (a lessee) wants to rent some form of equipment (such as a video camera or piece of heavy machinery like a bobcat) from another party (a lessor).
The agreement sets out the terms and conditions of the rental, such as what each party's responsibilities are during the lease period. For instance, in LawDepot’s Equipment Rental Agreement, the lessor can specify whether the lease period has a fixed end date or automatically renews, whether insurance is required, the approximate value of the item, and when rent on the equipment is due (e.g. weekly or monthly).
Generally business owners that offer rental services for various items, like heavy machinery, electronics, tools, or vehicles, will use an Equipment Rental Agreement, but it can also be used by individuals.
For instance, let's say your friend wants to borrow your snowblower to remove snow on their driveway. You could use an Equipment Rental Agreement to describe the terms of the rental, such as whether your friend needs to pay a damage deposit on the equipment in advance, or if they need to get insurance for things like public liability and property damage.
An Equipment Rental Agreement allows you to determine the rights, obligations, insurance requirements, payments, and more for renting equipment that you own to someone else. Stating all these terms clearly in an agreement means that both parties can refer to it in the event of a dispute.
As an example, LawDepot's Equipment Rental Agreement lets you specify the appropriate way in which a piece of equipment can be used (like if a carpet cleaner must be filled with a certain type of cleaning liquid) so that if the equipment is damaged from misuse the owner can seek legal recourse.
An Equipment Rental Agreement can be used for a variety of items, such as:
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