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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 is as also known as an:
An Equipment Rental Agreement is a document that individuals or businesses use to rent equipment (such as electronics, medical tools, heavy machinery, etc.) from one party to another party. This agreement defines each party's responsibilities and obligations and allows them to outline important terms and conditions, such as the cost to rent the item, when payments are due, the item's approximate value, and more.
Typically, an Equipment Rental Agreement will involve:
A lessor and lessee can either be a person or a business depending on the circumstance of the rental. For example, you could own a small business that handles forklift rentals for companies in the construction industry or you could be planning an event and need to rent audio equipment (like a sound system) from a friend.
You should use an Equipment Rental Agreement any time you want to rent equipment you own to someone else. You can also use it to rent equipment that someone else owns if they will not be providing a contract for you to sign.
Creating an agreement allows you to limit your liability and include certain conditions for use (like indicating the item can only be used indoors) to help preserve the value of your equipment. With LawDepot’s Equipment Rental Agreement template, you can specify conditions such as:
An Equipment Rental Agreement can be used to outline the terms of rental for a variety of items, such as:
Generally, you can rent equipment on a fixed term or indefinitely:
The type of lease term you choose for your equipment rental depends on your situation. For instance, if you are providing a camera to someone for them to use to photograph a single event, you may decide to use an end date in your agreement. Alternatively, if you are a heavy equipment rental company and are leasing a mini excavator to another company for a long-term construction project, you may decide to use a contract that renews monthly or yearly, so that you do not have to sign another Equipment Rental Agreement if the project takes longer than expected.
When renting equipment, you can choose whether or not the renter will need insurance to cover loss or damage for the equipment itself as well as to cover damage of property or injury to people while the equipment is being used.
In some states, lessees renting expensive equipment or renting for long periods of time may be required to obtain insurance for their equipment rental. For short-term rentals or those renting out inexpensive equipment (like a stereo or tripod), requiring insurance may still be worthwhile in order to help ensure you’re protected in case of an unforeseen circumstance.
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