[{"data":1,"prerenderedAt":536},["ShallowReactive",2],{"document-equipment-lease-agreement-long-D1141":3},{"document":4,"label":23,"preview":11,"thumb":24,"thumb600":25,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":26,"breadcrumb":30,"related":38,"customDescModule":180,"customdescription":6,"mdFm":181,"mdProseHtml":535},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":22},"EQUIPMENT LEASE AGREEMENT This Equipment Lease Agreement is made and effective [DATE], (the \"Lease Agreement\") BETWEEN: [LESSOR NAME] (the \"Lessor\"), a corporation organized and existing under the laws of the [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [LESSEE NAME] (the \"Lessee\"), a corporation organized and existing under the laws of the [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, the Lessor is the owner of certain equipment and software described in Exhibit \"A\" attached hereto; WHEREAS, Lessee is desirous of availing leasing equipment provided by the Service Provider. WHEREAS, the Lessee agrees to keep and maintain the Equipment only at the location described in Exhibit \"B\" attached hereto (\"Equipment Location\"); WHEREAS, Service Provider is a qualified lessor of equipment and maintenance services and is willing to provide such services to Lessee as per the terms herein. WHEREAS, the Lessee agree to comply with all other terms and conditions set forth in this Agreement and to limit use of the Property to the use described in Exhibit \"C\" attached hereto. NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth, the parties hereto agree as follows: ANNUAL RATE FOR SERVICES The annual rental rate is [AMOUNT] and shall be paid in advance in installments of [Installment Amount] each month, beginning on [Date of First Payment] and on the first day of each succeeding month throughout the term hereof, at [Address for Payments], or at such other place as Lessor may designate from time to time. Any installment payment not made by the [DAY]th day of the month shall be considered overdue and in addition to Lessor's other remedies, Lessor may levy a late payment charge equal to [%] per month on any overdue amount. Maintenance calls Lessor agrees to provide maintenance service including up to [NUMBER] maintenance calls annually and interim calls as required at the installation address specified above on the equipment listed. All charges specified are those currently in effect and are subject to change only at the time of subsequent annual renewal. If the charges are increased, the customer may, as of the effective date of such increase, terminate this Agreement by written notice to the Lessor. Otherwise, the new charges shall become effective upon the date specified in the renewal invoice. This Agreement is limited to equipment regularly operated during a single eight hour shift per day, and all Lessor calls hereunder are restricted to the normal working hours of the Lessor. To cover increased maintenance costs, if any piece of equipment is regularly operated during more than one eight hour shift per day, an increase in Annual Rate will apply as follows: [NUMBER] Shifts [%], [NUMBER] Shifts [%]. All service commenced outside of Lessor's normal working hours will be charged at published rates for service time and expense only. SERVICES The following services are included: [DESCRIBE services and equipment] Optimum performance of the equipment covered by this Agreement can be expected only if supplies provided by, or meeting the specifications of Lessor are used. Lessor shall have full and free access to the equipment to provide service thereon. If persons other than Lessor's representatives perform maintenance or repairs, and as a result further work is required by Lessor to restore the equipment to operating condition, such repairs will be billed at Lessor's published time and material rates then in effect. PAYMENTS For service as specified above on the equipment listed, the undersigned agrees to pay in advance the total annual charge specified below to Lessor, in accordance with the terms specified on the face of the invoice. There shall be added to the charges provided for in this Agreement amounts equal to any taxes, however designated, levied or based on such charges or on this Agreement, or on the services rendered or parts supplied pursuant hereto, including State and Local privilege or excise taxes based on gross revenue, and any taxes or amounts in lieu thereof paid or payable by Lessor in respect of the foregoing, exclusive, however, of taxes based on net income. PLACEMENT OF PROPERTY The Lessor agrees to place the Property (described in Exhibit \"A\") on temporary loan to the Lessee at the Equipment Location for the limited use by the Lessee within the terms of this Agreement. The Property shall be maintained only at the Equipment Location described in Exhibit \"B\" and shall not be moved from the Equipment Location without the written consent of the Lessor. The Property shall be delivered back to the Lessor upon demand and without delay following such demand at the expense of the Lessee. If at any time the Lessor delivers additional property to the Lessee, such additional property shall be subject to the terms and conditions of this Agreement unless specifically agreed by the parties in writing. ACCESS TO EQUIPMENT Lessee shall provide Lessor with access to its premises to Lessor or its agents at any time during normal business hours or after normal business hours in the event of a bona fide emergency for the purpose of inspecting, maintaining or otherwise accessing the Property. LIMITATIONS ON USE Lessee shall use the Property only for the purposes described in Exhibit \"D\" and for no other purpose. Access to the Property shall be limited to the individuals listed in Exhibit \"E.\" NO LIENS OR ENCUMBRANCES Lessee shall not create nor permit any lien, security interest, or other encumbrance of any nature or kind, whether voluntary or involuntary, to attach to the Property",null,"Equipment Lease Agreement Long","8",57,"doc","https://templates.business-in-a-box.com/imgs/1000px/equipment-lease-agreement_long-D1141.png","https://templates.business-in-a-box.com/imgs/250px/1141.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1141.xml",{"title":6,"description":6},[16,19],{"label":17,"url":18},"Production & Operations","/templates/production-operations/",{"label":20,"url":21},"Equipment Agreement","/templates/equipment-agreement/","equipment lease agreement long","Equipment Lease Agreement Long Template","https://templates.business-in-a-box.com/imgs/400px/1141.png","https://templates.business-in-a-box.com/imgs/600px/1141.png",[27,16,19],{"label":28,"url":29},"Templates","/templates/",[31,32,35],{"label":28,"url":29},{"label":33,"url":34},"Legal Agreements","/templates/business-legal-agreements/",{"label":36,"url":37},"Real Estate & Leases","/templates/real-estate-and-leases/",[39,43,47,51,55,59,63,67,71,75,79,83,87,102,120,138,150,162],{"label":40,"url":41,"thumb":42,"extension":10},"Equipment and Leasehold Improvements Lease Agreement Long","/template/equipment-and-leasehold-improvements-lease-agreement-long-D1139","https://templates.business-in-a-box.com/imgs/250px/1139.png",{"label":44,"url":45,"thumb":46,"extension":10},"Equipment Lease Agreement","/template/equipment-lease-agreement-D1140","https://templates.business-in-a-box.com/imgs/250px/1140.png",{"label":48,"url":49,"thumb":50,"extension":10},"Equipment Lease Agreement Short","/template/equipment-lease-agreement-short-D1142","https://templates.business-in-a-box.com/imgs/250px/1142.png",{"label":52,"url":53,"thumb":54,"extension":10},"Equipment Lease Agreement With Option to Purchase","/template/equipment-lease-agreement-with-option-to-purchase-D1143","https://templates.business-in-a-box.com/imgs/250px/1143.png",{"label":56,"url":57,"thumb":58,"extension":10},"Equipment Operating Lease","/template/equipment-operating-lease-D1145","https://templates.business-in-a-box.com/imgs/250px/1145.png",{"label":60,"url":61,"thumb":62,"extension":10},"Net Equipment Lease","/template/net-equipment-lease-D1152","https://templates.business-in-a-box.com/imgs/250px/1152.png",{"label":64,"url":65,"thumb":66,"extension":10},"Checklist Equipment Lease","/template/checklist-equipment-lease-D1134","https://templates.business-in-a-box.com/imgs/250px/1134.png",{"label":68,"url":69,"thumb":70,"extension":10},"Net Equipment Lease 2","/template/net-equipment-lease-2-D1151","https://templates.business-in-a-box.com/imgs/250px/1151.png",{"label":72,"url":73,"thumb":74,"extension":10},"Consulting Agreement Long","/template/consulting-agreement---long-D12543","https://templates.business-in-a-box.com/imgs/250px/12543.png",{"label":76,"url":77,"thumb":78,"extension":10},"Equipment Purchase Agreement","/template/equipment-purchase-agreement-D1146","https://templates.business-in-a-box.com/imgs/250px/1146.png",{"label":80,"url":81,"thumb":82,"extension":10},"Equipment Loan Agreement","/template/equipment-loan-agreement-D12843","https://templates.business-in-a-box.com/imgs/250px/12843.png",{"label":84,"url":85,"thumb":86,"extension":10},"Equipment Maintenance Agreement","/template/equipment-maintenance-agreement-D1144","https://templates.business-in-a-box.com/imgs/250px/1144.png",{"description":88,"descriptionCustom":6,"label":89,"pages":90,"size":91,"extension":10,"preview":92,"thumb":93,"svgFrame":94,"seoMetadata":95,"parents":97,"keywords":96,"url":101},"VEHICLE LEASE AGREEMENT This Vehicle Lease Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [COMPANY NAME] (the \"Lessor\"), a corporation organized and existing under the laws of [STATE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Lessee\"), a corporation organized and existing under the laws of [STATE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, the Lessor is the registered owner of the Vehicle. WHEREAS, the lessor is desirous of leasing and the lessee has agreed to lease the said motor vehicle on the terms and conditions contained herein. WHEREAS, this Agreement shall be treated as a true lease for the federal and applicable state income tax purposes with Lessor having all benefits of ownership of the Vehicle. NOW THEREFORE THE PARTIES AGREE AS FOLLOWS: LEASED VEHICLES The Lessor hereby leases to the Lessee the vehicle described in Exhibit 1 attached hereto, subject to the conditions and covenants set forth below. The Vehicle shall be used by the Lessee to serve the best interests of the Lessor and the public. The Vehicle must be maintained and operated in a manner that provides maximum safety and protection to the Lessee's employees and passengers. The Lessee shall comply with all driver's license requirements as set forth by the Federal and State Governments. AMOUNT DUE AT THE beginning OF THE TRANSACTION Lesser and Lessee agree on the following: A down payment of $[SPECIFY] will be made at the beginning of the transaction. This amount will be subtracted from the amount to be amortized over the term. A security deposit of $[SPECIFY] is due at the beginning of the transaction and will be refunded at the end of the term. SECURITY DEPOSIT The security deposit will not earn interest. The security deposit shall be retained by the Lessor during the term of this Lease as additional security for the performance of the Lessee's obligations under this Lease. The Lessor shall deduct from the security deposit any amount not paid by the Lessee under this Lease and the balance, if any, shall be refunded at the end of this Lease. TERM OF LEASE AND COMMENCEMENT DATE The term of this lease shall be for [MONTH/YEARS], commencing on [DAY/MONTH/YEAR] the date that the vehicle(s) are placed in service by the Lessee and continuing until [DAY/MONTH/YEAR], or until this agreement is canceled or terminated in writing by either the Lessor or Lessee, or by mutual consent, with 30 days advance notice. The maximum term of any lease agreement shall not exceed five (5) years. In the event of breach or noncompliance with this agreement, the Lessor may terminate this agreement by giving the Lessee advance written notice. LEASE PAYMENTS, FEES AND RESIDUAL VALUE The Lessor and Lessee have negotiated and agreed that the initial value of the vehicle is $[SPECIFY]. The rental price of the motor vehicle is $[SPECIFY] payable on the [SPECIFY] day of the MONTH for the next [SPECIFY] months. The lease rate is [SPECIFY] % per annum. The estimated residual value of the Vehicle is $[SPECIFY]. A late fee of $ [SPECIFY] will be charged on all payments that are paid after the due date. INSURANCE At all times during the term of this lease, the Lessee shall obtain and maintain, at its own expense, the following minimum insurance coverage through a recognized insurer. Public liability for bodily injury, death or damage to the property of others in the amount of $1,000,000 per claim, regardless of the number of claims resulting from any one accident; Collision insurance with a maximum deductible of $1,000; and Comprehensive fire and theft insurance with a maximum deductible of $1,000. If the Lessee does not maintain appropriate insurance coverage, the Lessor has the right, but not the obligation, to do so and the Lessee will owe us this amount. Insurance coverage must be confirmed annually to the Lessor. The insurance policy must name the Lessor as an additional insured and beneficiary of the loss under the applicable insurance policy. The policy must also give the Lessor at least ten (10) days notice of any cancellation, termination or reduction in coverage. The Lessee will assign to the Lessor any monies paid under the insurance regardless of who obtained it. The Lessee authorizes the Lessor to receive or collect any monies (including any refund of premiums) payable under the insurance, to complete any proof of loss and any claim, to endorse cheques or drafts for payments and to cancel the insurance or settle or discharge any claim under the insurance. If for any reason the insurance is not fully maintained or coverage is denied, the Lessee will remain liable to us for all amounts due under this lease. The Lessee shall authorize its insurance provider to provide the Lessor with the details of the insurance policy. Any repairs over $2,000 must be approved in advance by the Lessor. The lessee agrees to permit the lessor to inspect the vehicle at any reasonable time and place after making such repairs. OWNERSHIP The Lessor is the registered owner of the vehicle. All right, title and interest in and to the Vehicle shall remain with the Lessor and nothing in this Agreement shall be deemed to transfer to the Lessee any right of ownership. lessor obligations It is agreed that the lessor will make the vehicle available to the lessee during the term of this vehicle lease agreement. The Lessor hereby agrees: To grant the Lessee exclusive use and possession of the motor vehicle during the duration of this agreement, save as is provided for by the agreement; To grant the Lessee quiet possession of the motor vehicle; lessEE obligations It is agreed that the Lessee shall make use of the Vehicle during the operation of this Vehicle Lease Agreement in accordance with terms of this Vehicle Lease Agreement The Lessor hereby agrees: To assume all risks of loss and damage related to the vehicle;","Vehicle Lease Agreement","6",513,"https://templates.business-in-a-box.com/imgs/1000px/vehicle-lease-agreement-D12694.png","https://templates.business-in-a-box.com/imgs/250px/12694.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12694.xml",{"title":96,"description":6},"vehicle lease agreement",[98,100],{"label":33,"url":99},"business-legal-agreements",{"label":33,"url":99},"/template/vehicle-lease-agreement-D12694",{"description":103,"descriptionCustom":6,"label":104,"pages":105,"size":91,"extension":10,"preview":106,"thumb":107,"svgFrame":108,"seoMetadata":109,"parents":111,"keywords":118,"url":119},"INVESTMENT AGREEMENT This Investment Agreement (the Agreement) is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] a Company (the \"COMPANY\") organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR NAME] the principal members of the Company (the \"Company Principals\") collectively referred to in this Agreement as the \"Company Parties.\" and existing under the laws of [STATE/PROVINCE], located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] a Company (the \"COMPANY\") organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the Company was formed for the purpose of further developing, commercializing, and operating the business concept identified and includes any subsequent iteration of the business concept developed by the Company Parties (the \"Business\"); WHEREAS the Investor is desirous of making an investment (the \"Investment\") in the amount of [TOTAL INVESTMENT AMOUNT] into the Company to facilitate such Business. NOW THEREFORE, in consideration of the mutual covenants and agreements herein contains, the parties hereto intending to be legally bound agree as follows: THE INVESTMENT 1.1 The Investor will make the Investment in the Company in consideration for the rights and privileges set forth in this Agreement. FUTURE ISSUANCES OF SECURITIES 2.1 From and after the date of this Agreement, the parties agree to take such further action and to execute, acknowledge and deliver all such further documents as are reasonably requested by the other party for carrying out the purposes of this Agreement. 2.2 If at any time in the future, the Company proposes to sell and issue any debt or equity securities, or any other securities or instruments entitling the holder thereof to receive any profits, capital, assets or property of the Company (collectively, \"Securities\"), in a single transaction or series of related transactions that results in gross proceeds to the Company of at least [STATE AMOUNT] (a \"Qualified Financing\"), the Company shall deliver written notice to the Investor stating (i) its bona fide intention to offer such Securities, (ii) the amount and type of Securities to be offered and (iii) the price and terms upon which it proposes to offer such securities. Upon receipt of such notice, the Investor shall be entitled to exercise any of the rights specified in sections 3, 4 and 5. RIGHT OF FIRST OFFER 3.1 The Investor shall have the first right to purchase all the Securities to be offered and sold in such Qualified Financing at the price and on the same terms and conditions specified in the notice. RIGHT TO PARTICIPATE 4","Investment Agreement","3","https://templates.business-in-a-box.com/imgs/1000px/investment-agreement-D12831.png","https://templates.business-in-a-box.com/imgs/250px/12831.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12831.xml",{"title":110,"description":6},"investment agreement",[112,115],{"label":113,"url":114},"Finance & Accounting","finance-accounting",{"label":116,"url":117},"Shareholders & Investors","shareholders-investors","purchase agreement","/template/purchase-agreement-D12831",{"description":121,"descriptionCustom":6,"label":122,"pages":123,"size":124,"extension":10,"preview":125,"thumb":126,"svgFrame":127,"seoMetadata":128,"parents":129,"keywords":136,"url":137},"BILL OF SALE This Bill of Sale (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Seller\") , a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [BUYER NAME] (the \"Buyer\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] For good and valuable consideration, the Seller hereby sells and transfers possession of the following goods in their present condition and location to the Buyer, and its successors and assigns forever, the following described goods [DETAILED LIST OF GOODS]. Seller warrants and represents that he/she has good title to said property, full authority to sell and transfer same and that said goods and chattels are being sold free and clear of all liens, encumbrances, liabilities and adverse claims, of every nature and description.","Bill of Sale","1",29,"https://templates.business-in-a-box.com/imgs/1000px/bill-of-sale-D1229.png","https://templates.business-in-a-box.com/imgs/250px/1229.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1229.xml",{"title":6,"description":6},[130,133],{"label":131,"url":132},"Sales & Marketing","sales-marketing",{"label":134,"url":135},"Marketing & Sales Contracts","marketing-sales-contracts","bill sale","/template/bill-of-sale-D1229",{"description":139,"descriptionCustom":6,"label":140,"pages":90,"size":91,"extension":10,"preview":141,"thumb":142,"svgFrame":143,"seoMetadata":144,"parents":146,"keywords":145,"url":149},"SERVICE AGREEMENT This SERVICE AGREEMENT (\"Agreement\") is effective [DATE], BETWEEN: [COMPANY NAME] (the \"Contractor\"), a company organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Customer\"), a company organized and existing under the laws of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] (The Contractor and the Customer shall be individually referred to as a \"Party\" and collectively referred to as the \"Parties\", as the context may require). WHEREAS A. Contractor has experience and expertise in [DESCRIBE EXPERIENCE AND SERVICE]. B. Customer desires to have Contractor provide services for them. C. Contractor desires to provide services to Customer on the terms and conditions set forth herein (the \"Services\"). NOW THEREFORE, in consideration of the above recitals, the representations, warranties, and agreements contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are now acknowledged, the Parties agree as follows: SERVICES PROVIDED Beginning on upon agreement to this contract, [CONTRACTOR] will provide to [CUSTOMER] the following service (collectively, the /Services\"): Description of the project: [DESCRIBE THE SERVICE REQUIRED]. SCOPE OF WORK Contractor agrees to provide Services pursuant to the Scope of Work set forth in Exhibit A attached hereto (the \"Scope of Work\"). TERM Unless both parties mutually agree on an extension, this contract will automatically terminate on [SPECIFY]. PERFORMANCE The parties agree to do everything possible to ensure that the terms of this Agreement take effect. PAYMENT FOR SERVICES In exchange for the Services rendered, a payment of [SPECIFY] will be made to the Contractor upon completion of the scheduled Services described in this Contract. If an invoice is not paid on the due date, interest will be added to the current balance. These amounts shall be payable, and the Customer shall pay all overdue amounts at the lesser of [SPECIFY] per cent per annum or the maximum percentage permitted by applicable law. Or Customer will pay Contractor as follows: [SPECIFY]. DELIVERY OF SERVICES The Contractor will exercise due diligence in the provision of services. However, the Customer acknowledges that the indicated delivery times and other payment milestones listed in Scope of Work are estimates and do not constitute final delivery dates. SECURITY The Contractor must make reasonable security arrangement to protect Material from unauthorized access, collection, use, alteration or disposal. OWNERSHIP RIGHT The Customer shall hold the copyright for the agreed version of the Services as delivered, and the Customer's copyright notice may be displayed in the final version. All works, ideas, discoveries, inventions, patents, products or other information that may be protected by copyright (collectively, the \"Work Product\" developed in whole or in part by the Contractor in connection with the Services, shall be the exclusive property of the Customer. Upon request, the Contractor shall execute all documents necessary to confirm or perfect the exclusive ownership of the Customer's \"Work Product\". The Contractor retains exclusive rights to pre-existing materials used in the Customer's projects. The Customer shall not have the right to reuse, resell or otherwise transfer material belonging to the contractor or third parties. The Contractor reserves the right to use the finished public product as an example of a product. RETURN OF PROPERTY Upon the expiry or termination of this Agreement, the Contractor will return to the Customer any property, documentation, records or Confidential Information which is the property of the Customer. COMPENSATION For all services rendered by the Contractor under this Agreement, the Customer shall indemnify the Contractor. In the event that the Customer fails to make any of the payments mentioned, the Contractor shall have the right, but shall not be obliged, to exercise any of the following remedies: ","Service Agreement","https://templates.business-in-a-box.com/imgs/1000px/service-agreement-D12711.png","https://templates.business-in-a-box.com/imgs/250px/12711.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12711.xml",{"title":145,"description":6},"service agreement",[147,148],{"label":33,"url":99},{"label":33,"url":99},"/template/service-agreement-D12711",{"description":151,"descriptionCustom":6,"label":152,"pages":105,"size":91,"extension":10,"preview":153,"thumb":154,"svgFrame":155,"seoMetadata":156,"parents":158,"keywords":157,"url":161},"BUILDING MAINTENANCE AGREEMENT This Building Maintenance Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Service Provider\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [CLIENT NAME] (the \"Client\"), an individual with their main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, the Client owns or manages the property located at [PROPERTY ADDRESS], hereinafter referred to as the \"Property,\" and wishes to engage the services of the Service Provider for the purpose of performing building maintenance services; and WHEREAS, the Service Provider has the expertise and resources to provide the required building maintenance services; NOW, THEREFORE, it is agreed as follows: SERVICES 1.1 The Service Provider shall provide the following building maintenance services to the Client (the \"Services\"): [List of Specific Services, e.g., regular inspections, cleaning, HVAC maintenance, plumbing repairs, electrical maintenance, etc.] TERM 2.1 The term of this Contract shall commence on [DATE] and shall continue for an initial term of [NUMBER OF YEARS/MONTHS] from the date of execution by both Parties. After the initial term, this Contract may be renewed by mutual agreement of the Parties. PAYMENT 3.1 The Client agrees to pay the Service Provider the agreed-upon fee for the Services as follows: [Payment Schedule, e.g., monthly, quarterly, annually, or as otherwise agreed upon] INSPECTIONS AND REPORTS 4.1 The Service Provider shall conduct regular inspections of the Property as part of its maintenance services. After each inspection, the Service Provider shall provide the Client with a detailed report outlining the status of the Property, any maintenance work performed, and any recommended repairs or upgrades. MAINTENANCE STANDARDS 5","Building Maintenance Agreement","https://templates.business-in-a-box.com/imgs/1000px/building-maintenance-agreement-D13817.png","https://templates.business-in-a-box.com/imgs/250px/13817.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13817.xml",{"title":157,"description":6},"building maintenance agreement",[159,160],{"label":33,"url":99},{"label":33,"url":99},"/template/building-maintenance-agreement-D13817",{"description":163,"descriptionCustom":6,"label":164,"pages":165,"size":166,"extension":10,"preview":167,"thumb":168,"svgFrame":169,"seoMetadata":170,"parents":171,"keywords":178,"url":179},"COMMERCIAL LEASE AGREEMENT This Lease Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Landlord\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [TENANT NAME] (the \"Tenant\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] DESCRIPTION OF PREMISES Landlord leases to Tenant the premises located at [address], [city], [state], and described more particularly as follows: [insert legal description]. GRANT OF LEASE Landlord, in consideration of the rents to be paid and the covenants and agreements to be performed and observed by the Tenant, does hereby lease to the Tenant and the Tenant does hereby lease and take from the Landlord the property described in Exhibit \"A\" attached hereto and by reference made a part hereof (the \"Leased Premises\"), together with, as part of the parcel, all improvements located thereon. LEASE TERM Total Term of Lease: The term of this Lease shall begin on the commencement date, as defined in Section b) of this Article 3, and shall terminate on [DATE]. Commencement Date: The \"Commencement Date\" shall mean the date on which the Tenant shall commence to conduct business on the Leased Premised, so long as such date is not in excess of [NUMBER] days subsequent to execution hereof. EXTENSIONS The parties hereto may elect to extend this Agreement upon such terms and conditions as may be agreed upon in writing and signed by the parties at the time of any such extension. DETERMINATION OF RENT The Tenant agrees to pay the Landlord and the Landlord agrees to accept, during the term hereof, at such place as the Landlord shall from time to time direct by notice to the Tenant, rent at the following rates and times: Annual Rent: Annual rent for the term of the Lease shall be [AMOUNT], plus applicable sales tax. Payment of Yearly Rent: The annual rent shall be payable in advance in equal monthly installments of one-twelfth (1/12th) of the total yearly rent, which shall be [AMOUNT], on the first day of each and every calendar month during the term hereof, and prorata for the fractional portion of any month, except that on the first day of the calendar month immediately following the Commencement Date, the Tenant shall also pay to the Landlord rent at the said rate for any portion of the preceding calendar month included in the term of this Lease. Reference to yearly rent hereunder shall not be implied or construed to the effect that this Lease or the obligation to pay rent hereunder is from year to year, or for any term shorter than the existing Lease term, plus any extensions as may be agreed upon. A late fee in the amount of [AMOUNT] shall be assessed if payment is not postmarked or received by Landlord on or before the tenth day of each month. USE OF PROPERTY BY TENANT The Leased Premises may be occupied and used by Tenant exclusively as a [DESCRIBE], to be known as a [DESCRIBE]. Nothing herein shall give Tenant the right to use the property for any other purpose or to sublease, assign, or license the use of the property to any Sub-Tenant, assignee, or licensee, which or who shall use the property for any other use. RESTRICTIONS ON USE Tenant shall not use the demised premises in any manner that will increase risks covered by insurance on the demised premises and result in an increase in the rate of insurance or a cancellation of any insurance policy, even if such use may be in furtherance of Tenant's business purposes. Tenant shall not keep, use, or sell anything prohibited by any policy of fire insurance covering the demised premises, and shall comply with all requirements of the insurers applicable to the demised premises necessary to keep in force the fire and liability insurance. WASTE, NUISANCE, OR UNLAWFUL ACTIVITY Tenant shall not allow any waste or nuisance on the demised premises, or use or allow the demised premises to be used for any unlawful purpose. DELAY IN DELIVERING POSSESSION This lease agreement shall not be rendered void or voidable by the inability of Landlord to deliver possession to Tenant on the date set forth in Section 3. Landlord shall not be liable to Tenant for any loss or damage suffered by reason of such a delay; provided, however, that Landlord does deliver possession no later than [date]. In the event of a delay in delivering possession, the rent for the period of such delay will be deducted from the total rent due under this lease agreement. No extension of this lease agreement shall result from a delay in delivering possession. SECURITY DEPOSIT The Tenant has deposited with the Landlord the sum of [AMOUNT] as security for the full and faithful performance by the Tenant of all the terms of this lease required to be performed by the Tenant. Such sum shall be returned to the Tenant after the expiration of this lease, provided the Tenant has fully and faithfully carried out all of its terms. In the event of a bona fide sale of the property of which the leased premises are a part, the Landlord shall have the right to transfer the security to the purchaser to be held under the terms of this lease, and the Landlord shall be released from all liability for the return of such security to the Tenant. TAXES Property Taxes: The Tenant shall be liable for all taxes levied against any leasehold interest of the Tenant or personal property and trade fixtures owned or placed by the Tenant in the Leased Premises. Real Estate Taxes: During the continuance of this lease Landlord shall deliver to Tenant a copy of any real estate taxes and assessments against the Leased Property. From and after the Commencement Date, the Tenant shall pay to Landlord not later than [NUMBER] days after the day on which the same may become initially due, all real estate taxes and assessments applicable to the Leased Premises, together with any interest and penalties lawfully imposed thereon as a result of Tenant's late payment thereof, which shall be levied upon the Leased Premises during the term of this Lease. Contest of Taxes: The Tenant, at its own cost and expense, may, if it shall in good faith so desire, contest by appropriate proceedings the amount of any personal or real property tax. The Tenant may, if it shall so desire, endeavor at any time or times, by appropriate proceedings, to obtain a reduction in the assessed valuation of the Leased Premises for tax purposes. In any such event, if the Landlord agrees, at the request of the Tenant, to join with the Tenant at Tenant's expense in said proceedings and the Landlord agrees to sign and deliver such papers and instruments as may be necessary to prosecute such proceedings, the Tenant shall have the right to contest the amount of any such tax and the Tenant shall have the right to withhold payment of any such tax, if the statute under which the Tenant is contesting such tax so permits. Payment of Ordinary Assessments: The Tenant shall pay all assessments, ordinary and extraordinary, attributable to or against the Leased Premises not later than [NUMBER] days after the day on which the same became initially due. The Tenant may take the benefit of any law allowing assessments to be paid in installments and in such event the Tenant shall only be liable for such installments of assessments due during the term hereof. ","Commercial Lease Agreement","19",145,"https://templates.business-in-a-box.com/imgs/1000px/lease-agreement-D1179.png","https://templates.business-in-a-box.com/imgs/250px/1179.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1179.xml",{"title":6,"description":6},[172,175],{"label":173,"url":174},"Real Estate","real-estate-business",{"label":176,"url":177},"Business Checklists","business-checklists","lease agreement","/template/lease-agreement-D1179",false,{"seo":182,"reviewer":195,"legal_disclaimer":199,"quick_facts":200,"at_a_glance":202,"personas":206,"variants":231,"glossary":257,"clauses":294,"how_to_fill":345,"common_mistakes":386,"faqs":411,"industries":439,"comparisons":464,"diy_vs_lawyer":477,"jurisdictions":490,"related_template_ids_curated":511,"schema":522,"classification":523},{"meta_title":183,"meta_description":184,"primary_keyword":185,"secondary_keywords":186,"family":185,"is_canonical":180},"Equipment Lease Agreement Long Template (Free Word)","Free equipment lease agreement template for leasing machinery, vehicles, or business equipment. Used in 190+ countries. Free Word and PDF download.","equipment lease agreement template",[187,188,189,190,191,192,193,194],"equipment lease agreement","equipment lease agreement template word","equipment lease agreement free","equipment rental agreement template","machinery lease agreement template","commercial equipment lease template","equipment leasing contract template","long form equipment lease agreement",{"name":196,"credential":197,"reviewed_date":198},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":201,"legal_review_recommended":199,"signature_required":199,"notarization_required":180},"advanced",{"what_it_is":203,"when_you_need_it":204,"whats_inside":205},"An Equipment Lease Agreement (Long Form) is a legally binding contract between a lessor (equipment owner) and a lessee (business or individual renting the equipment) that governs the use of machinery, vehicles, tools, or commercial equipment for a defined period in exchange for periodic payments. This free Word download covers all material terms in full legal detail — payment schedule, maintenance obligations, insurance, liability, default, and return conditions — and can be edited online and exported as PDF for execution.\n","Use it whenever a business leases equipment for 12 months or longer, when the equipment value exceeds $10,000, or when the transaction requires enforceable provisions on liability allocation, insurance, and end-of-term options such as purchase rights or renewal. It is also appropriate when a lender or equipment finance company requires a formal lease instrument as collateral documentation.\n","Parties and equipment description, lease term and commencement, payment schedule and late fees, delivery and acceptance, maintenance and repair obligations, insurance requirements, risk of loss, default and remedies, end-of-term options (purchase, renewal, or return), IP and title reservation, and governing law.\n",[207,211,215,219,223,227],{"title":208,"use_case":209,"icon_asset_id":210},"Equipment lessors and finance companies","Documenting lease terms for machinery or fleets leased to business customers","persona-equipment-lessor",{"title":212,"use_case":213,"icon_asset_id":214},"Small business owners","Leasing manufacturing, medical, or food-service equipment without purchasing outright","persona-small-business-owner",{"title":216,"use_case":217,"icon_asset_id":218},"Construction contractors","Securing heavy machinery under a multi-year lease with defined maintenance duties","persona-contractor",{"title":220,"use_case":221,"icon_asset_id":222},"Healthcare practices","Leasing diagnostic or imaging equipment with end-of-term buyout options","persona-healthcare-provider",{"title":224,"use_case":225,"icon_asset_id":226},"IT and technology managers","Leasing servers, networking hardware, or enterprise devices under an operating lease","persona-it-manager",{"title":228,"use_case":229,"icon_asset_id":230},"Startup founders","Preserving capital by leasing equipment instead of purchasing it outright","persona-startup-founder",[232,236,239,243,247,250,254],{"situation":233,"recommended_template":234,"slug":235},"Short-term or event-based equipment rental under 90 days","Equipment Rental Agreement","equipment-lease-agreement-D1140",{"situation":237,"recommended_template":89,"slug":238},"Leasing a commercial vehicle or fleet","vehicle-lease-agreement-D12694",{"situation":240,"recommended_template":241,"slug":242},"Lease structured so the lessee owns the equipment at term end","Equipment Lease Agreement with Purchase Option","equipment-lease-agreement-with-option-to-purchase-D1143",{"situation":244,"recommended_template":245,"slug":246},"Lessor is an individual, not a business entity","Personal Property Lease Agreement","agreement-to-lease-D1164",{"situation":248,"recommended_template":249,"slug":235},"Technology hardware covered by a service and support agreement","IT Equipment Lease and Service Agreement",{"situation":251,"recommended_template":252,"slug":253},"Sale of equipment followed immediately by a leaseback to the seller","Sale and Leaseback Agreement","purchase-and-sale-agreement-D13884",{"situation":255,"recommended_template":256,"slug":235},"Master agreement covering multiple equipment schedules over time","Master Equipment Lease Agreement",[258,261,264,267,270,273,276,279,282,285,288,291],{"term":259,"definition":260},"Lessor","The party who owns the equipment and grants the right to use it in exchange for lease payments.",{"term":262,"definition":263},"Lessee","The party who receives the right to use the equipment for a defined period in exchange for periodic payments.",{"term":265,"definition":266},"Operating Lease","A lease where the lessee uses the equipment for a portion of its useful life and returns it at term end — no ownership transfer.",{"term":268,"definition":269},"Finance Lease (Capital Lease)","A lease structured so that the lessee effectively acquires the economic benefits of ownership, often with a nominal buyout option at term end.",{"term":271,"definition":272},"Lease Term","The defined period during which the lessee has the right to use the equipment, from commencement date to expiration or earlier termination.",{"term":274,"definition":275},"Residual Value","The estimated fair market value of the equipment at the end of the lease term, used to calculate lease payments and any purchase option price.",{"term":277,"definition":278},"Default","A failure by the lessee to meet a contractual obligation — such as missing a payment or failing to maintain insurance — that triggers the lessor's remedies.",{"term":280,"definition":281},"Hell-or-High-Water Clause","A provision requiring the lessee to make all scheduled lease payments regardless of equipment condition, malfunction, or other circumstances outside the lessor's control.",{"term":283,"definition":284},"Purchase Option","A contractual right giving the lessee the option to buy the leased equipment at a predetermined price at or before the end of the lease term.",{"term":286,"definition":287},"UCC Article 2A","The US Uniform Commercial Code article governing leases of personal property — the primary statutory framework for equipment leases in most US states.",{"term":289,"definition":290},"Acceptance Certificate","A document signed by the lessee upon delivery confirming the equipment was received in satisfactory condition and that the lease term has commenced.",{"term":292,"definition":293},"Early Termination Fee","A charge assessed when the lessee ends the lease before its scheduled expiration, typically calculated as remaining payments discounted to present value.",[295,300,305,310,315,320,325,330,335,340],{"name":296,"plain_english":297,"sample_language":298,"common_mistake":299},"Parties, equipment description, and lease term","Identifies the lessor and lessee as legal entities, describes the equipment with sufficient detail (make, model, serial number), and states the exact commencement and expiration dates of the lease.","This Equipment Lease Agreement ('Agreement') is entered into as of [DATE] by and between [LESSOR LEGAL NAME], a [STATE] [ENTITY TYPE] ('Lessor'), and [LESSEE LEGAL NAME], a [STATE] [ENTITY TYPE] ('Lessee'). Lessor agrees to lease to Lessee the equipment described in Schedule A ('Equipment') for a term of [X] months commencing on [START DATE] and expiring on [END DATE] unless earlier terminated.","Describing equipment by brand name only without including serial numbers or model numbers. A generic description makes it impossible to enforce the agreement against a specific asset if the lessor owns multiple similar units.",{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Rent, payment schedule, and late fees","States the periodic rent amount, due dates, accepted payment methods, and the penalty for late payment — typically a fixed fee or a percentage per month on the overdue balance.","Lessee shall pay Lessor a monthly rent of $[AMOUNT] due on the [DAY] of each month. Payments more than [X] days late shall accrue a late fee of [X]% per month on the outstanding balance. Rent is payable by [ACH / wire / check] to [PAYMENT DETAILS].","Omitting a late-fee provision entirely. Without one, the lessor has no contractual basis to charge interest on overdue amounts and must rely on statutory rates, which vary by jurisdiction and are often low.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Delivery, installation, and acceptance","Addresses who bears the cost and risk of delivery, who is responsible for installation, and how the lessee formally accepts the equipment — typically through a signed acceptance certificate — which triggers the commencement of rent.","Lessor shall deliver the Equipment to [DELIVERY ADDRESS] on or before [DATE] at Lessor's expense. Risk of loss during transit shall be borne by [LESSOR / LESSEE]. Lessee shall inspect the Equipment within [X] business days of delivery and execute an Acceptance Certificate confirming satisfactory condition, after which the Lease Term shall be deemed commenced.","Starting the lease term from the agreement date rather than the acceptance date. If delivery is delayed, the lessee pays rent before the equipment arrives — creating an immediate dispute.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Maintenance, repair, and alterations","Allocates responsibility for routine maintenance and repairs between lessor and lessee, prohibits unauthorized alterations, and requires the lessee to return the equipment in the same condition it was received (normal wear excepted).","Lessee shall, at its sole expense, maintain the Equipment in good working order and perform all routine maintenance recommended by the manufacturer. Lessee shall not make any alterations, modifications, or additions to the Equipment without Lessor's prior written consent. Any unauthorized modification shall, at Lessor's election, be reversed by Lessee at Lessee's cost or become the property of Lessor.","Leaving maintenance obligations undefined or split between parties without clear triggers. Ambiguous maintenance clauses lead to disputes over who bears repair costs when the equipment breaks down mid-lease.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Insurance","Requires the lessee to maintain specified insurance coverages — typically commercial general liability and all-risk property insurance for the replacement value of the equipment — and to name the lessor as an additional insured and loss payee.","Lessee shall maintain, at its expense, (a) commercial general liability insurance with limits of not less than $[AMOUNT] per occurrence and $[AMOUNT] in the aggregate, and (b) all-risk property insurance covering the Equipment for its full replacement value of $[VALUE]. Lessor shall be named as additional insured and loss payee on all such policies. Lessee shall provide certificates of insurance to Lessor within [X] days of execution and upon each renewal.","Specifying an insurance coverage amount equal to the depreciated book value rather than the replacement cost. If the equipment is destroyed, the insurance proceeds may be insufficient to replace it, leaving the lessor uncompensated.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Risk of loss and title reservation","Confirms that the lessor retains title to the equipment throughout the lease term and that the risk of loss, damage, or destruction transfers to the lessee upon delivery — meaning the lessee remains obligated to pay rent even if the equipment is damaged or stolen.","Title to the Equipment shall remain with Lessor at all times. Upon delivery and Lessee's acceptance, all risk of loss, theft, damage, or destruction of the Equipment shall pass to Lessee. No loss or damage shall relieve Lessee of its obligation to pay rent or any other amount due under this Agreement.","Failing to file a UCC-1 financing statement in the US to perfect the lessor's security interest in the equipment. Without a public filing, the lessor's title claim may be subordinate to a lessee's secured creditor in a bankruptcy.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Default and remedies","Defines events of default — missed payments, insurance lapse, unauthorized sublease, or insolvency — and grants the lessor specific remedies, including accelerating remaining rent, repossessing the equipment, and recovering costs of collection.","Each of the following shall constitute an Event of Default: (a) Lessee's failure to pay any rent within [X] days of its due date; (b) Lessee's failure to maintain required insurance; (c) Lessee's unauthorized sublease or transfer of the Equipment; (d) Lessee's insolvency or the filing of a bankruptcy petition. Upon an Event of Default, Lessor may declare all remaining rent immediately due and payable, repossess the Equipment without notice, and recover all costs of enforcement including reasonable attorneys' fees.","Defining only payment default and omitting insurance lapse and unauthorized transfer as events of default. A lessee who cancels insurance or subleases to an unknown third party creates material risk — and without these triggers, the lessor has no contractual recourse until the lease expires.",{"name":331,"plain_english":332,"sample_language":333,"common_mistake":334},"End-of-term options","Describes what happens when the lease expires — the lessee may return the equipment, exercise a purchase option at a stated price, or renew for an additional term at an agreed rate. Sets the return condition standard and the process for exercising any option.","At the expiration of the Lease Term, Lessee shall: (a) return the Equipment to Lessor at [RETURN LOCATION] in the same condition as received, normal wear and tear excepted; (b) exercise its purchase option, if any, by paying $[PURCHASE OPTION PRICE] to Lessor in immediately available funds no later than [X] days before expiration; or (c) renew this Agreement for [X] months at a monthly rent of $[RENEWAL AMOUNT] by providing written notice no later than [X] days before expiration.","Setting no deadline for the lessee to exercise a purchase option. Without a notice deadline, the lessee may announce an intent to purchase on the last day of the lease — leaving the lessor no time to plan for remarketing the asset if the option is not exercised.",{"name":336,"plain_english":337,"sample_language":338,"common_mistake":339},"Indemnification and limitation of liability","Requires the lessee to indemnify the lessor against claims arising from the lessee's use of the equipment, and caps the lessor's total liability under the agreement — typically to the total rent paid in the prior 12 months.","Lessee shall indemnify, defend, and hold harmless Lessor from any claims, damages, losses, or expenses arising out of or relating to Lessee's possession, use, or operation of the Equipment. In no event shall Lessor's aggregate liability exceed the total rent paid by Lessee in the [12] months preceding the claim. Lessor shall not be liable for any indirect, incidental, or consequential damages.","Using an indemnification clause that runs only one way — protecting the lessor but not addressing scenarios where the lessor's own negligence contributes to a loss. Courts in some jurisdictions refuse to enforce one-sided indemnities.",{"name":341,"plain_english":342,"sample_language":343,"common_mistake":344},"Governing law and dispute resolution","Specifies which jurisdiction's law governs the agreement and how disputes will be resolved — typically arbitration or litigation in a named court — and includes a waiver of jury trial if applicable.","This Agreement shall be governed by the laws of the State of [STATE], without regard to its conflict-of-laws principles. Any dispute arising hereunder shall be resolved by binding arbitration administered by [AAA / JAMS] in [CITY, STATE], except that either party may seek injunctive relief in any court of competent jurisdiction. Each party waives its right to a jury trial.","Choosing a governing law state with no meaningful connection to the transaction — for example, selecting Delaware simply because the lessor is incorporated there. Some states will apply local law regardless of a contractual choice if the equipment is located there and a dispute arises.",[346,351,356,361,366,371,376,381],{"step":347,"title":348,"description":349,"tip":350},1,"Identify the parties using full legal entity names","Enter both the lessor's and lessee's complete registered legal names, entity types (LLC, corporation, etc.), states of formation, and principal business addresses. Do not use trade names or DBA names in the party block.","Pull both party names directly from their most recent state registration filings to ensure an exact match — this matters if you ever need to enforce the agreement in court.",{"step":352,"title":353,"description":354,"tip":355},2,"Complete Schedule A with a precise equipment description","List each piece of leased equipment by manufacturer, model number, serial number, year of manufacture, and current condition. If leasing multiple units, give each a line entry. Attach photographs if the equipment has any pre-existing damage.","A serial number is the single most important identifier — it ties the contract to a specific asset and eliminates any dispute about which unit is covered.",{"step":357,"title":358,"description":359,"tip":360},3,"Set the lease term with exact calendar dates","Enter the commencement date as the anticipated acceptance date — not the signing date — and calculate the expiration date based on the agreed term length. Leave the commencement date as a blank to be filled in on the acceptance certificate if delivery timing is uncertain.","For equipment with long installation windows, use a 'deemed commencement' clause triggered by the acceptance certificate rather than a fixed calendar date.",{"step":362,"title":363,"description":364,"tip":365},4,"Fill in the payment schedule and late-fee rate","State the monthly (or quarterly) rent amount, the day of the month it is due, the grace period before a late fee accrues, and the late-fee rate. Confirm the payment method and remittance details.","A 1.5% per month late fee is common for commercial equipment leases — it signals seriousness without being unenforceable as a penalty in most US jurisdictions.",{"step":367,"title":368,"description":369,"tip":370},5,"Define insurance minimums and name the loss payee","Enter the required liability coverage limits, the replacement value of the equipment for property insurance, and the lessor's full legal name as loss payee. Specify the deadline for delivering certificates of insurance after signing.","Request a copy of the lessee's existing insurance declarations page before finalizing the coverage amounts — require limits that match or exceed the equipment's replacement cost, not its book value.",{"step":372,"title":373,"description":374,"tip":375},6,"Tailor the maintenance obligations to the equipment type","Specify the manufacturer's recommended maintenance schedule by reference (e.g., 'as set out in the [MANUFACTURER] Maintenance Manual, current edition') and state who pays for consumables, wear items, and major component overhauls separately from routine servicing.","For high-value industrial machinery, consider attaching the manufacturer's maintenance schedule as a Schedule B — it eliminates disputes over what 'routine maintenance' means.",{"step":377,"title":378,"description":379,"tip":380},7,"Complete the end-of-term options and notice deadlines","Choose which options the lessee will have at expiration — return, purchase at a stated price, or renewal at a stated rate. Set the written-notice deadline for each option (typically 60–90 days before expiration for high-value equipment).","If the purchase option price is 'fair market value,' define who determines it and the appraisal process — an undefined FMV standard invites a valuation dispute at the worst possible time.",{"step":382,"title":383,"description":384,"tip":385},8,"Execute before delivery and file a UCC-1 if required","Both parties must sign before the equipment is delivered. In the US, the lessor should file a UCC-1 financing statement in the lessee's state of formation promptly after execution to publicly perfect title to the equipment against the lessee's creditors.","UCC-1 filings cost $20–$50 per state and are searchable online — skipping this step can result in the lessor losing title priority to a secured lender in the lessee's bankruptcy.",[387,391,395,399,403,407],{"mistake":388,"why_it_matters":389,"fix":390},"Describing equipment without serial numbers","A vague description makes it impossible to identify the specific asset covered by the lease, exposing the lessor to disputes over which unit is covered and complicating repossession if the lessee has multiple similar machines on site.","Include the manufacturer name, model number, serial number, and year for every leased unit. Attach a signed Schedule A and, for high-value assets, photographs of the equipment at acceptance.",{"mistake":392,"why_it_matters":393,"fix":394},"Starting the lease term on the agreement date instead of the acceptance date","If equipment delivery is delayed, the lessee pays rent on equipment they have not yet received — creating an immediate payment dispute and potential claim for breach.","Use an acceptance certificate to trigger the commencement date. Leave the start date as a defined term to be confirmed in writing when the lessee signs the acceptance certificate.",{"mistake":396,"why_it_matters":397,"fix":398},"Omitting a UCC-1 financing statement filing","Without a public filing in the lessee's home state, the lessor's ownership interest in the equipment is unperfected. A lender with a blanket security interest over the lessee's assets — or a bankruptcy trustee — may claim priority over the lessor's title.","File a UCC-1 financing statement in the state where the lessee is registered within 10 days of execution. Search the lessee's existing UCC filings before signing to identify any prior blanket liens on equipment.",{"mistake":400,"why_it_matters":401,"fix":402},"Setting insurance requirements below the equipment's replacement cost","If the equipment is destroyed or stolen and the insurance payout covers only depreciated value, the lessor is left with a gap between the claim proceeds and the cost of replacing the asset.","Require all-risk property insurance for the full replacement cost, not the net book value. Update the stated replacement value in the agreement whenever it is renewed or extended.",{"mistake":404,"why_it_matters":405,"fix":406},"No written notice deadline for the purchase option","A lessee who waits until the last day of the lease to announce a purchase intention gives the lessor no time to arrange remarketing if the option is ultimately not exercised — leaving the asset idle and generating no income.","Require written notice of intent to exercise the purchase option at least 60–90 days before lease expiration, and state that failure to give timely notice forfeits the option.",{"mistake":408,"why_it_matters":409,"fix":410},"One-sided indemnification clause that ignores lessor negligence","Courts in many US states and Canadian provinces refuse to enforce indemnification clauses that purport to protect a party from the consequences of its own negligence unless the contract expressly and clearly states this intent.","If the lessor needs protection for its own negligence, include an express anti-indemnity carve-out or obtain mutual indemnification language reviewed by counsel in the governing jurisdiction.",[412,415,418,421,424,427,430,433,436],{"question":413,"answer":414},"What is an equipment lease agreement?","An equipment lease agreement is a legally binding contract between the owner of equipment (the lessor) and a business or individual who wants to use it (the lessee) for a defined period in exchange for regular payments. It covers the lease term, rent schedule, maintenance obligations, insurance requirements, risk of loss, and what happens at the end of the term. Unlike a purchase, a lease keeps the asset off the lessee's balance sheet in an operating lease structure and preserves working capital.\n",{"question":416,"answer":417},"What is the difference between an operating lease and a finance lease?","In an operating lease, the lessee uses the equipment for a portion of its useful life and returns it at term end — the lessor retains the residual value risk. In a finance lease (also called a capital lease), the lessee effectively acquires the economic benefits of ownership, often through a $1 or nominal buyout option, and bears the full depreciation risk. Under ASC 842 (US GAAP) and IFRS 16, finance leases appear on the lessee's balance sheet; operating leases may also require right-of-use asset recognition depending on the lease length.\n",{"question":419,"answer":420},"Who should use a long-form equipment lease agreement?","The long-form agreement is appropriate whenever the equipment value exceeds $10,000, the lease term is 12 months or longer, or the transaction involves complex provisions such as maintenance programs, insurance requirements, purchase options, or subordination to a financing facility. Short-term or low-value rentals are better served by a simple one-page rental agreement.\n",{"question":422,"answer":423},"Does an equipment lease agreement need to be notarized?","Notarization is generally not required for a commercial equipment lease to be enforceable in most US states, Canadian provinces, or the UK. However, some states require notarization if the lease term exceeds a specific period (commonly 3–5 years) and is recorded against real property. Check the requirements of the governing jurisdiction and the lender's requirements if the lease is being used as collateral.\n",{"question":425,"answer":426},"What happens if the leased equipment breaks down?","Responsibility depends on how the maintenance clause is drafted. In most commercial leases, the lessee bears routine maintenance costs and the obligation to keep the equipment operational. If the breakdown results from a manufacturing defect, the lessee typically pursues a warranty claim against the manufacturer — not the lessor. A hell-or-high-water clause means the lessee must continue making payments regardless of equipment condition, making robust insurance and warranty protections essential for the lessee.\n",{"question":428,"answer":429},"Can a lessee sublease leased equipment to another party?","Only if the lease agreement expressly permits it. Most commercial equipment leases prohibit subleasing or transferring possession without the lessor's prior written consent. Unauthorized subleasing is typically defined as an event of default. A lessee who needs the right to sublease should negotiate a consent provision before signing rather than assuming it is permitted.\n",{"question":431,"answer":432},"What is a UCC-1 financing statement and why does it matter?","A UCC-1 financing statement is a public notice filed by the lessor in the lessee's state of formation to perfect the lessor's ownership interest in the leased equipment. Without this filing, a lender holding a blanket security interest over the lessee's assets — or a bankruptcy trustee — may be able to claim the equipment ahead of the lessor. Filing costs $20–$50 per state and protects the lessor's title in the event of the lessee's insolvency.\n",{"question":434,"answer":435},"What should the purchase option price be in an equipment lease?","Purchase option prices are typically set as either a fixed dollar amount stated in the agreement (common in finance leases, often $1 or 10% of original cost) or fair market value as determined at expiration (common in operating leases). Fixed prices give both parties certainty; FMV options require an agreed valuation methodology — typically an independent appraisal — to avoid disputes. The option price should be stated clearly in the agreement, not left for future negotiation.\n",{"question":437,"answer":438},"Do I need a lawyer to draft an equipment lease agreement?","For standard leases of common commercial equipment between two businesses, a high-quality template is generally sufficient. Engage a lawyer when the equipment value exceeds $100,000, when the lease includes complex end-of-term buyout structures, when the lessee is in a regulated industry such as healthcare or aviation, or when the agreement will be used as collateral in a financing transaction. A 1–2 hour review typically costs $300–$700 and is worthwhile for high-value or long-term leases.\n",[440,444,448,452,456,460],{"industry":441,"icon_asset_id":442,"specifics":443},"Construction","industry-construction","Heavy equipment leases — excavators, cranes, lifts — commonly include certified operator requirements, job-site insurance riders, and project-based early termination triggers tied to contract completion.",{"industry":445,"icon_asset_id":446,"specifics":447},"Healthcare","industry-healthtech","Medical imaging, diagnostic, and surgical equipment leases require compliance with FDA maintenance standards, HIPAA-compliant disposal of embedded data, and technology refresh options mid-term.",{"industry":449,"icon_asset_id":450,"specifics":451},"Manufacturing","industry-manufacturing","Production machinery leases typically address shift-operation limits, preventive maintenance schedules tied to output hours rather than calendar time, and OEM service contract requirements.",{"industry":453,"icon_asset_id":454,"specifics":455},"Technology / IT","industry-saas","Server, networking, and device leases must address data security obligations upon return, software license separation from hardware, and upgrade or refresh rights as technology cycles shorten.",{"industry":457,"icon_asset_id":458,"specifics":459},"Food and Beverage","industry-food-beverage","Commercial kitchen and refrigeration equipment leases include sanitation and health code compliance obligations, scheduled deep-cleaning requirements, and temperature monitoring provisions.",{"industry":461,"icon_asset_id":462,"specifics":463},"Transportation and Logistics","industry-transportation","Truck and trailer leases reference DOT compliance, driver qualification requirements, mileage limits, telematics data ownership, and mandatory return inspections with defined wear standards.",[465,468,471,474],{"vs":234,"vs_template_id":466,"summary":467},"equipment-rental-agreement-D11823","A rental agreement governs short-term use — typically days to a few months — with minimal formality, daily or weekly rates, and the lessor retaining full maintenance responsibility. An equipment lease agreement is a long-form document designed for terms of 12 months or more, with detailed provisions on insurance, maintenance allocation, default, and end-of-term options. Use a rental agreement for one-off or seasonal needs; use a lease for ongoing operational requirements.",{"vs":89,"vs_template_id":469,"summary":470},"vehicle-lease-agreement-D13285","A vehicle lease is a specialized form of equipment lease tailored to cars, trucks, and commercial fleet assets — incorporating mileage caps, wear-and-tear standards, DMV registration requirements, and DOT compliance obligations specific to motor vehicles. A general equipment lease agreement covers all categories of personal property but lacks vehicle-specific provisions. Use the vehicle-specific template for any motorized transport asset.",{"vs":245,"vs_template_id":472,"summary":473},"D{PERSONAL_PROPERTY_LEASE_ID}","A personal property lease covers non-commercial rentals — consumer goods, furniture, or items leased between individuals. It typically lacks the commercial insurance requirements, UCC filing provisions, hell-or-high-water clauses, and acceleration remedies found in an equipment lease. A personal property lease is insufficient for any business-to-business equipment transaction involving assets worth more than a few thousand dollars.",{"vs":76,"vs_template_id":475,"summary":476},"D{EQUIPMENT_PURCHASE_AGREEMENT_ID}","A purchase agreement transfers title to equipment immediately upon payment completion. A lease agreement retains title with the lessor and grants only a right of use for the lease term. Buying preserves no cash — the full cost is incurred upfront or financed through debt. Leasing preserves working capital, may provide off-balance-sheet treatment under certain accounting standards, and offers end-of-term flexibility. Choose based on whether ownership or cash preservation is the priority.",{"use_template":478,"template_plus_review":482,"custom_drafted":486},{"best_for":479,"cost":480,"time":481},"Standard commercial equipment leases under $50,000 between two established businesses in a single jurisdiction","Free","30–60 minutes",{"best_for":483,"cost":484,"time":485},"Equipment valued $50,000–$250,000, leases with complex buyout structures, or lessees in regulated industries","$300–$700","2–5 days",{"best_for":487,"cost":488,"time":489},"High-value equipment above $250,000, cross-border leases, sale-leaseback transactions, or leases used as financing collateral","$1,500–$5,000+","1–3 weeks",[491,496,501,506],{"code":492,"name":493,"flag_asset_id":494,"note":495},"us","United States","flag-us","Equipment leases of personal property are governed by UCC Article 2A in all US states. The distinction between a 'true lease' and a 'disguised security interest' is critical — if the lessee has no meaningful residual value risk, courts may recharacterize the lease as a secured sale, requiring compliance with Article 9 filing requirements. Lessors should file a UCC-1 financing statement in the lessee's state of organization to protect title. California, New York, and Texas each have specific case law on lease recharacterization and anti-waiver provisions for commercial leases.",{"code":497,"name":498,"flag_asset_id":499,"note":500},"ca","Canada","flag-ca","Personal property security legislation (PPSA) governs equipment leases in all Canadian provinces except Quebec, which applies the Civil Code of Quebec. Lessors of equipment for terms exceeding one year — or for any term if the lessee has an option to purchase — must register the lease under the applicable provincial PPSA to protect priority against the lessee's secured creditors. In Quebec, leasing contracts are governed under the rules for 'leasing' under the CCQ and require specific disclosure. Ontario and British Columbia PPSA registrations do not automatically provide protection in other provinces.",{"code":502,"name":503,"flag_asset_id":504,"note":505},"uk","United Kingdom","flag-uk","Equipment leases in the UK are governed by the general law of contract and, for consumer transactions, the Consumer Credit Act 1974. For commercial leases, the Supply of Goods and Services Act 1982 implies terms about quality and fitness for purpose that cannot be excluded against a consumer but may be limited between businesses if reasonable. Finance leases are subject to FCA regulation if they meet the definition of a regulated credit agreement. UK lessors should register their interest at Companies House under the relevant charges regime if the lessor is a company.",{"code":507,"name":508,"flag_asset_id":509,"note":510},"eu","European Union","flag-eu","There is no single EU-wide equipment leasing statute — each member state applies its own contract law framework. IFRS 16, effective across the EU for publicly listed companies, requires most leases with terms over 12 months to be recognized on the lessee's balance sheet as right-of-use assets and lease liabilities. VAT treatment of equipment leases varies by member state and lease structure; operating and finance leases may be treated differently for VAT and withholding tax purposes. Cross-border EU leases should address GDPR compliance if the equipment stores or processes personal data.",[235,238,512,513,514,515,516,517,518,519,520,521],"purchase-agreement-D12831","bill-of-sale-D1229","service-agreement-D12711","building-maintenance-agreement-D13817","lease-agreement-D1179","non-disclosure-agreement-nda-D12692","independent-contractor-agreement-D160","receipt-for-lease-security-deposit-D1199","personal-guarantee-D405","letter-of-intent_acquisition-of-business-D5197",{"emit_how_to":199,"emit_defined_term":199},{"primary_folder":99,"secondary_folder":524,"document_type":525,"industry":526,"business_stage":527,"tags":528,"confidence":534},"real-estate-and-leases","agreement","general","all-stages",[529,530,531,532,533],"contract","equipment-lease","lease-agreement","commercial-equipment","rental",0.95,"\u003Ch2>What is an Equipment Lease Agreement?\u003C/h2>\n\u003Cp>An \u003Cstrong>Equipment Lease Agreement\u003C/strong> is a legally binding contract between the owner of equipment (the \u003Cstrong>lessor\u003C/strong>) and a business or individual who needs to use it (the \u003Cstrong>lessee\u003C/strong>) for a defined period in exchange for periodic rent payments. It governs every material dimension of the arrangement — what equipment is covered, when and how rent is paid, who maintains the asset, what insurance must be carried, how risk of loss is allocated, and what options the lessee has at the end of the term. Unlike a simple rental receipt, a long-form equipment lease creates enforceable obligations on both sides and eliminates the legal ambiguity that arises when expensive assets change hands without a comprehensive written record.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Operating without a written equipment lease exposes both lessor and lessee to serious financial and legal risk. A lessor who relies on a handshake or a one-page rental receipt has no enforceable basis to accelerate payments if the lessee defaults, no insurance requirement to fall back on if the equipment is destroyed, and no public filing to protect title against the lessee's other creditors in a bankruptcy. A lessee without a written agreement has no guaranteed right to continued use, no certainty on maintenance responsibility, and no documented purchase option if they want to own the equipment at term end. For equipment valued above $10,000 or any lease running longer than 12 months, the cost of a dispute without a comprehensive contract — lost rent, repossession expenses, litigation, and downtime — far exceeds the 30 minutes it takes to complete this template.\u003C/p>\n",1781185915041]