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
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
□ 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
□ 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
□ 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
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□ 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
□ 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.
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