This type of lease is usually used by businesses that intend to use expensive capital equipment over a long period of time. ![]() In this type of lease, the lessee is usually responsible for maintaining and insuring the equipment and payment of all taxes, if applicable. ![]() Examples of equipment used for this type of lease include office equipment (such as computers, office furniture, etc), vehicles etc.įinancial leases are long term lease. This type of lease is usually adopted by parties that need the equipment for a short period of time. Operating leases are short term leases wherein the lessor usually bears all the risks in the agreement, such as insurance, repairs, maintenance etc. This document can be used for operating lease and long term or financial lease. Note that this document can not be used to rent land or building, as the Residential Lease Agreement and the Commercial Lease Agreement are available for this purpose. An equipment that can be leased includes any physical property such as vehicles, machinery and other tangible properties. The owner of the equipment is the lessor, the user of the equipment is the lessee. ![]() An Equipment Lease Agreement is an agreement where the owner of an equipment permits another to use the equipment in exchange for a periodic lease payment.
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