When it comes to equipment leasing, your responsibilities will be a lot more than the leaser, whose responsibilities end with his just signing the contract. You must make sure that you will successfully be able to fulfill all your responsibilities, as from then on, you will have to do almost everything starting from taking good care of the equipment, paying the lease contract every month, and even the insurance and rental fees on certain occasions.
If you are a company the directors might also be required to be guarantor when it comes to the equipment lease contract. This is done by the leasing companies in order to ensure the safety of the equipment being leased out. In case any damage is done to the equipment or the loan is not repaid, the guarantor will also be answerable to them in that case.
As long as you are in charge of the machinery, expenses will not at all be incurred on the part of the real owner. That is why equipment lease contracts are also called triple-net contracts, since the consumer has to undertake the responsibilities of equipment maintenance, liability and casualty insurances and the payment of taxes associated to it.
When the hell-or-high water clause is present on the lease contract, it means the consumer is bound to pay the rent as long as the lease lasts, irrespective of any kind of external event that affects either the equipment or the contract itself. If there are any claims to be made against the leasing company, it is regarded as something for which legal steps need to be taken separately.
Once the equipment lease contracts end, normally the lease agreement asks to buy the equipment at the residual One can also renew the contract. However, establishment fees can be charged and is subject to the lenders approval.
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