A simple equipment lease is a lease acknowledged in a very simple manner with no complex languages and conditions to work on. It precisely gives away the terms and conditions of the lease, the contravention of which results in formally conducted legal actions against the party. Hence it must be read and made certain before taking the plunge.
Sample Simple Equipment Lease
Equipment lease number: 425100
This equipment lease is authorised in the presence and agreement of the two parties, Mr. Jack Crawford and Mr. Wayne Sharp, the lesser and the lessee respectively, on equipment [type: Xerox machine, weight: 100 kilograms, model: XP4833]. They have given consent to the following stipulations tailored especially for this lease deal.
The lesser leases the above-mentioned equipment on 18th September, 2010 to the lessee.
Dates of legality are 8th January, 2011 to 8th April, 2011.
The lesser will hold the responsibility of physically delivering the equipment to the address of the lessee.
Payments would be made by 5th day of every month from the first to the last month in instalments. In case of delay, the lessee will be charged a late fine of $40 over and above the stipulated instalment amount. The lessee will have to make a deposit of $500 prior to ownership of the equipment, to be refunded on 8th April, 2011.
The lessee will have to keep the equipment in good shape at his own cost and expense, failing which legal actions will be commissioned.
Signature: Jack Crawford (lesser)
Signature: Wayne Sharp (lessee)