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Equipment Lease Agreement


Overview
- The Equipment Lease Agreement is used to lease property in return for regular lease payments.
- This agreement should not be used to lease real estate, nor should it be used to lease intangible property such as software, technology, or license rights.
- This lease does not provide an option for the lessee to purchase the equipment at the end of the lease term, nor should it be modified to provide for a lease-end purchase.  
- This lease also assumes that the lessee has seen the equipment and is satisfied with its condition.

When You Need It
- When you need to lease equipment for your business instead of buying it.  
- A lease is often better than a purchase because it allows the lessee to avoid tying up a large amount of capital.  It is usually not necessary for a lessee to borrow any money to lease equipment.  
- Leases are also popular where the item may have a relatively short useful life or where the technology is changing rapidly, such as with computer hardware.


Getting Started

You will need:
- The name and address of the party leasing the equipment.
- The name and address of the party from whom the equipment is being leased.
- A detailed description of the equipment being leased.
- The terms and conditions of the lease, such as the start date, the length of the lease, the amount of the payment each month, and the type of warranty.

When to Review and Revise 
- To correct or revise the information contained in the lease agreement.
- To use as the agreement as the lease of other equipment.