The Basic Equipment Lease Agreement serves as a fundamental legal instrument in U.S. business operations, enabling companies to access necessary equipment without the capital investment of purchasing. This document, governed by U.S. federal and state laws, particularly UCC Article 2A, outlines the complete relationship between lessor and lessee, including equipment specifications, payment schedules, maintenance responsibilities, and liability allocations. It's particularly useful for businesses seeking to manage cash flow, maintain equipment flexibility, and potentially benefit from tax advantages associated with leasing rather than purchasing equipment.
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1. Parties: Identification of lessor and lessee with full legal names and addresses
2. Background: Context of the lease arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Equipment Description: Detailed description of leased equipment including serial numbers
5. Lease Term and Payments: Duration of lease and payment terms
6. Delivery and Return: Conditions for equipment delivery and return
7. Maintenance and Use: Requirements for equipment maintenance and permitted use
8. Representations and Warranties: Statements of fact and promises made by both parties
9. Default and Remedies: Consequences of breach and available remedies
10. Governing Law: Jurisdiction and applicable law governing the agreement
1. Insurance Requirements: Specific insurance obligations for high-value equipment or when required by state law
2. Purchase Option: Terms for purchasing equipment at lease end when offering lease-to-own option
3. Sublease Provisions: Terms governing subleasing when sublease might be permitted
4. Environmental Compliance: Environmental regulations and compliance requirements for equipment operation
5. Force Majeure: Provisions for unforeseen circumstances preventing performance
1. Schedule A - Equipment Specification: Detailed technical specifications of equipment
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and dates
3. Schedule C - Maintenance Requirements: Specific maintenance procedures and schedules
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage
5. Schedule E - Condition Report: Documentation of equipment condition at lease commencement
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Find the exact document you need
Basic Equipment Lease Agreement
A U.S.-governed agreement defining terms for equipment rental between lessor and lessee, subject to UCC Article 2A.
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Equipment Lease With Option To Purchase Agreement
A U.S.-governed agreement establishing terms for equipment leasing with a purchase option, subject to UCC Article 2A.
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