A master equipment lease is a formal document which is framed when a person or party agrees to put on lease an equipment and another person or party agrees to use that equipment for a fixed period of time and in return for a certain lease payment. A master equipment lease is made between a lessor, the party that owns the equipment and the lessee, the party that pays a lease payment for usage of the equipment.
Any master equipment lease agreement consists of the details of the lessor and the lessee, the details of the equipment being put on lease, details of the lease payments, important dates like commencement date of agreement, termination date of agreement and the terms and conditions of the lease. Since the violation of the terms of a master equipment lease agreement is legally not allowed, therefore it may lead the party at fault to face legal consequences.
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