A long term equipment lease is an agreement made for a predetermined period which lasts long. It is a rental contract where the stipulated term exceeds 6 months in general. Such a document must be circumspectly established by accounting all the necessary minutiae of the lease. The term period must be stated here specifically to avoid legal complexities.
Sample Long-Term Equipment Lease
Lease number: 3970208
This long term equipment lease verifies the fact that a lease has been issued by Mr. Jules Verne, lesser of the equipment to Mr. Justin Locke, lessee of the equipment for a flexible period of 4 years.
The details of the lease are covered in the sections below:
The lessee has agreed to pay monthly instalments, inclusive of all taxes levied, of $500 within 5th of every month failing which he will be charged with penalty fixed at 1% of the amount stipulated as rental.
The lease stands valid from 7th March, 2011 to 7th March, 2015. The term has been kept open to further extension, if required after the official end of the proposed term.
The proofs have been submitted along with the application comprising of the income certificate, residential proof, equipment licence and insurance document which are attested by gazetted officers.
Breach of contract rules will be treated with severe legal consequences [refer to annexure1].
The deed has been sealed in the presence of Advocate Jane Waymart, practicing lawyer at the High Court.
Signatures: Jules Verne
Date: 1st March, 2011