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Equipment Lease Checklist

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					The purpose of the Equipment Lease Checklist is to help lessors (equipment owners)
and lessees (individuals or companies leasing the equipment) identify issues they
should consider before entering into an equipment lease. The checklist contains a list of
items that are commonly included in an equipment lease, such as the rent, lease
termination process, and dispute resolution. These items should be discussed and
agreed upon by both parties, and clearly documented in the equipment lease. This
checklist also provides a Notes column to record notes for each checklist item, as
needed.
                                Equipment Lease Checklist
(Instructions: The purpose of the Equipment Lease Checklist is to help lessors and lessees identify issues
they should consider before entering into an equipment lease. The checklist contains a list of items that
are commonly included in an equipment lease, as well as an area to record notes pertaining to each
item.)



Checklist                                                              Notes
    □   Equipment Definition. Specify what is being leased and
                                                                       Example: Xerox Multifunction
                                                                       Color Copier, with two-sided
        if equipment accessories are included in the lease.
                                                                       printing, scanner, fax machine, and
                                                                       email capability. Includes one high-
                                                                       capacity print cartridge.
    □   Term. What is the term of the lease in weeks or months?        Example: 6 weeks

    □   Rent. What is the total amount that the lessee will pay to     Example: Rent will be $50 per week
        use the equipment? How and when will the rent be paid?         ($300 total). 50% ($150) is due at
        Are there other costs that the lessee may incur before the     lease initiation, and the remainder
        lease ends?                                                    is due when the lease is terminated.

    □   Insurance. If the lessee is required to insure the
        equipment, specify what coverage is required and who will
        receive the insurance payout if the equipment is lost,
        damaged, or stolen.
    □   Taxes. Determine if sales or use taxes apply and specify
        who will pay those taxes (usually the lessee).
    □   Transportation Costs. Who will be responsible for
        transporting the equipment and paying the transportation
        costs?
    □   Installation. Where will the equipment be used and who
        will be responsible for setting it up at that location?
    □   Hours. To ensure that the equipment does not experience
        excessive wear and tear, the lessor may stipulate that
        operation of the equipment for more than a specified
        number of hours per week or month will result in
        additional rent charges to the lessee.
    □   Maintenance and Repairs. Who will be responsible for
        maintaining and repairing the equipment?
    □   Modifications. Is the lessee allowed to modify the
        equipment?
    □   Wear and Tear. Identify a procedure to document the
        condition of the equipment before releasing it to the lessee
        and upon its return. Specify what condition the equipment
        should be in when returned, aside from ordinary wear and

© Copyright 2011 Docstoc Inc.                                                                  2
Checklist                                                              Notes
        tear.
    □   Default. Define what is considered a default by the lessee
        (failure to make rent payment, etc.) and what actions the
        lessor can take to remedy the default.
    □   Lease Renewal. Can the lease be renewed at the end of
        the term? If so, specify the new term and rent.
    □   Lease Termination. Can the lease be terminated before
        the end of the term? Identify what circumstances will
        allow early termination. Will the lessee be responsible for
        any fees? Will the lessee have the option to purchase the
        leased equipment? Determine the purchase price and the
        process.
    □   Lease Modification. Under what conditions can the lease
        be amended? What is the process to make the amendment?
    □   Transfers. Does the lessee have the ability to transfer an
        interest in the leased equipment?
    □   Dispute Resolution. Specify how disputes will be
        resolved (mediation, arbitration, etc). How will the parties
        split the cost? Determine the venue for litigation.




© Copyright 2011 Docstoc Inc.                                                  3
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Description: The purpose of the Equipment Lease Checklist is to help lessors (equipment owners) and lessees (individuals or companies leasing the equipment) identify issues they should consider before entering into an equipment lease. The checklist contains a list of items that are commonly included in an equipment lease, such as the rent, lease termination process, and dispute resolution. These items should be discussed and agreed upon by both parties, and clearly documented in the equipment lease. This checklist also provides a Notes column to record notes for each checklist item, as needed.