A farm tractor lease is a document that outlines the detailed particulars inherent to the deal wherein a tractor has been taken on lease for a specific period of time, for the purpose of farming and related aspects. The lease document should be so framed to contain all information regarding the model, type and task of the tractor that is to be leased, for easy understanding of all parties.
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Sample Farm Tractor Lease:
Lease number: 382937
It is to confirm that I, Jim Love, hereafter referred to as the lessee, have taken a tractor [model: Hero Tractors, serial no: US 6738] on lease for using in farm [plot no.:P4629], from the lessor Kelvin Robert, owner of the Superior Vehicles Pvt. Ltd., on the 4th day of April, 2011. The lease will remain valid till the 6th day of April, 2013. The following section contains further details of the lease:
- Date(s) of validity: 4th April, 2011 – 6th April, 2014.
- Payment made: An initial amount of $459500 has been paid by means of cheque [cheque no.: 67293]. The rest of the sum, $67250, will be duly paid before closure of the lease.
- Proofs of identity, residential records, income certificate and documents of license for leasing eligibility have all been submitted, in form of attested photocopies.
- The signing of the lease has been witnessed by: Richard Stephens [law attorney]
- The tractor is to be used strictly within the premises of the farm and for relevant purposes. Any breach of contract will be the lessee’s responsibility that will have to pay a fine of $55690 and/ or can be imprisoned for upto three years.