Heavy equipment lease is basically a deed that clearly brings to the notice of involved parties all the terms and conditions of the leasing of some heavy machine, generally for commercial or trade and business purposes, for a stipulated time period. The lease file is to be prepared in a manner that provides all the necessary information and does not put any of the parties in trouble.
Sample Heavy Equipment Lease:
Lease number: 384629
This is to confirm that I, Jacob Peterson, herein referred to as the lessee, have leased a heavy equipment, an excavator, [model number: ER 58629] from the lessor Timothy Gomes, the owner of M/s Gordon Constructions, on the 18th of August, 2011, which is to remain valid till the 20th day of August, 2013. The following section is to reveal other relevant details of the lease:
- Date(s) of validity of lease: 18th August, 2011 – 20th August, 2013.
- An initial payment of $1855000 has already been done by issuing a cheque in favor of the leasing company [cheque no.: 38291] and the remaining amount of $965000 will be cleared soon after the closure of the deed.
- Proofs of identity and residence have been submitted as have been the company license and income records, all in form of attested photocopies.
- The lease contract has been sealed in the presence of advocate Conrad George.
- As soon as the lease is initiated, the equipment will be the sole responsibility of the lessee as much will be its maintenance. Hence any damage caused during the span of lease will be considered as a breach of contract.
- The lessee will be fined with an amount of $455000 and can also be sent to prison for a term of two years, if found to breach the contract.