What is a Equipment Lease Agreement ?
Equipment lease agreement is a contractual agreement in which the lessor, who owns the equipment, allows the lessee to use it for a set length of time in exchange for monthly payments. Vehicles, factory machines, or any other equipment may be the subject of the lease. Once the lessor and lessee agree on the lease terms, the lessee receives the right to use the equipment in exchange for making monthly payments for the life of the lease. The lessor, on the other hand, retains ownership of the equipment and has the authority to cancel the equipment leasing agreement if the lessee violates the terms of the agreement or engages in illegal behaviour while using the equipment.
Why use a Equipment Lease Agreement ?
According to the Equipment Leasing Association of America, more than 80% of American businesses lease rather than buy equipment. Thousands of leasing organisations lend equipment to businesses in exchange for recurring payments. Most businesses lack the funds to purchase massive machines, which can cost millions or billions of dollars, and hence prefer to lease the equipment for a set length of time. High-tech equipment such as diagnostic tools, telecommunication devices, and computers are examples of in-demand lease equipment.
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