An equipment lease is an agreement that specifies the rights and obligations between a lessor (who owns equipment) and a lessee (who uses the equipment). This program provides a simple lease for use in two situations: First, where the equipment will be leased for a monthly rental and perhaps sold to the party who leases the equipment; and second, where the equipment will be leased (or "borrowed") for only a short period of time. This program does not offer all variations that could be used in a lease, but it does offer the basic provisions, along with the most frequently used options. Additional paragraphs can be added to cover unique situations. A lawyer should be consulted if you have any legal questions. You should also consult with a tax professional regarding the possible tax consequences of your lease. |