Hire Agreement For Equipment (Lessee Friendly) under UK law, is a document that outlines the terms and conditions between a lessor and a lessee for the hire of equipment. This template is designed to be more beneficial and protective to the lessee, who is the individual or company renting the equipment.
The agreement covers various aspects such as the description and details of the equipment being leased, including its condition and any additional accessories or parts. It sets forth the duration of the hire period, which can be specified as a fixed term or an ongoing arrangement. The template also clearly defines the rental payments and the method of payment, along with any additional costs such as insurance and maintenance.
Furthermore, the template addresses the liability and responsibilities of both parties. It includes clauses regarding the lessee's duty to take care of the equipment, limitations on the lessor's liability for any damages or losses, and provisions related to insurance coverage. The agreement also discusses the lessee's rights to terminate the contract prematurely and outlines any penalties or consequences that may arise.
Additionally, the template covers legal matters such as ownership and title of the equipment, confidentiality and intellectual property rights, dispute resolution procedures, and any applicable governing laws and jurisdiction in case of a legal dispute.
The agreement should be between two businesses, from the perspective of the lessee
The agreement should contain an optional clause providing the lessee with a right to purchase the equipment at the end of the term
If this clause is included, the agreement becomes a hire purchase agreement
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