Commercial Equipment Lease / Industrial Equipment Hire Rental Agreement / Lease of Chattel
 When to Use this Agreement
Use this Commercial Equipment Lease (sometimes known as a Lease of Chattel) when the owner of certain commercial equipment or machinery (the lessor) wishes to rent the equipment to another party (the lessee) for a fixed rental amount over a fixed rental period. At the end of the contract the lessee may extend the rental period or simply hand the equipment back to the owner.
The document sets out the rental schedule, maintenance responsibilities and the owner’s options should the lessee default.
A solid Commercial Equipment lease can protect your investment by defining your relationship with the lessee and shielding you from potential liability. In fact, a well-crafted lease should be the foundation for the ongoing relationship between the Lessor and your Lessee. Our professional lease documents and easy to follow instructions give you the confidence that your interests are protected.
The Contract includes the following provisions -
- Introduction
- Description of Leased Equipment
- Term of Lease
- Extension of Term
- Rental
- Assignment of Rights by Lessor to Lending Institution
- Defenses, Setoffs, Claims Against Lessor's Assignee
- Ownership of Equipment / Indicia of Lessor's Ownership
- Title to Equipment Unencumbered
- Delivery of Equipment
- Repairs to and Maintenance of Equipment
- Insurance
- Damage to Equipment
- Loss of Equipment
- Lessee to Hold Lessor Harmless From Damages and Claims Arising Out of Use of Equipment
- Taxes, Assessments, Etc., on Equipment
- Limitation on Lessee's Right to Assign, Lease, or Sublet Equipment
- Events Constituting Lessee's Default
- Termination of Lease Upon Lessee's Default--Return of Equipment to Lessor
- Termination of Lease Upon Lessee's Default--Failure of Lessee to Return Equipment
- Events Constituting Lessor's Default
- Termination of Lease Upon Lessor's Default
- Notices
- Termination of Lease
- Rights of Lessor's Assignee
- Separability
- Applicable Law
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View Sample Document
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