The Equipment Lease Agreement With Option To Purchase is a vital document used in Philippine business transactions where companies or individuals seek to acquire equipment through an initial lease arrangement while maintaining the flexibility to purchase the equipment later. This arrangement is particularly useful when immediate purchase is not feasible or desired, but future ownership is contemplated. The document, governed by Philippine law including the Civil Code and Republic Act No. 9160, provides comprehensive coverage of both the leasing phase and potential purchase, including detailed specifications of the equipment, financial terms, maintenance requirements, and the specific conditions under which the purchase option can be exercised. It serves as a critical tool for asset financing while ensuring compliance with local legal requirements and protecting both lessor and lessee interests.
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1. Parties: Identification of lessor and lessee with complete legal names and addresses
2. Background: Context of the agreement, including brief description of the business relationship and purpose of the lease
3. Definitions: Definitions of key terms used throughout the agreement
4. Equipment Description: Detailed description of the leased equipment, including make, model, serial numbers, and condition
5. Lease Term and Renewal: Duration of the lease, commencement date, and renewal provisions
6. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and late payment penalties
7. Delivery and Installation: Terms regarding equipment delivery, installation requirements, and acceptance procedures
8. Use and Maintenance: Permitted use of equipment, maintenance responsibilities, and operating conditions
9. Purchase Option: Terms and conditions for exercising the purchase option, including pricing formula and procedure
10. Insurance and Risk: Insurance requirements, risk allocation, and liability provisions
11. Default and Remedies: Events of default, cure periods, and available remedies
12. Return of Equipment: Conditions and procedures for equipment return if purchase option not exercised
13. Representations and Warranties: Standard representations and warranties from both parties
14. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Environmental Compliance: Required for equipment that may have environmental impacts or require specific environmental permits
2. Training and Support: Include when the equipment requires specialized training or ongoing technical support
3. Software License: Necessary when the equipment includes software components
4. Multiple Location Use: Required when equipment may be used at different locations
5. Import/Export Compliance: Include for equipment subject to international trade regulations
6. Sublease Rights: Optional section allowing or prohibiting subleasing of equipment
7. Early Purchase Option: Details of any early purchase options before the end of the lease term
8. Equipment Upgrade Rights: Terms for upgrading or exchanging equipment during the lease term
1. Schedule A - Equipment Specifications: Detailed technical specifications and photographs of the equipment
2. Schedule B - Rental Payment Schedule: Detailed breakdown of rental payments, including dates and amounts
3. Schedule C - Purchase Option Pricing: Formula or fixed prices for purchase option at different points in time
4. Schedule D - Maintenance Requirements: Detailed maintenance schedule and procedures
5. Schedule E - Acceptance Certificate: Form for documenting equipment delivery and acceptance
6. Schedule F - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
7. Schedule G - Return Conditions: Detailed specifications for equipment condition upon return
8. Appendix 1 - Location Requirements: Specific requirements for equipment installation and operation locations
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