An equipment lease is a kind of a lease which is related to leasing of an equipment or object. Any equipment lease is an agreement or contract which can be either verbal or written and is made between two parties; the lessor and the lessee. The lessor is the person or party who owns the equipment and agrees to lease it to the lessee whereas the lessee is the person or party who agrees to pay a certain amount to use the equipment for some time.
An equipment lease must define the manner in which the equipment is to be used by the lessee during the time period or length of the lease agreement. This document also defines the various terms and conditions, which if violated can lead to legal implications for the party at fault. An equipment lease document must also contain the details of the involved parties along with the details of the commencement date and the termination date of lease.
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