Renting equipment is very popular for short lengths of time or one-time operations around a given property. In fact, in the construction industry, most of the time a piece of equipment is rented if it isn’t used throughout the entire course of the construction project because it is simply cheaper to rent it versus buy it. Having equipment rental services makes it possible for people to use a piece of equipment for a fixed term for less than buying it. Even individuals use equipment rentals when, for example, splitting and chopping wood on their property once during the year.
It is very common for companies to use an equipment lease agreement template not just for simple things like how long someone is allowed to rent a piece of equipment, but what they will do in the event that the rented equipment is damaged. In the event of such damages, language in the contract might state that the lessee agrees to cover any attorneys fees from legal proceedings or pay the company the market value of that particular piece of equipment if they break it.
Anyone who is renting equipment from a company or an individual, or on the other end renting a piece of equipment out to a company or an individual, should use an equipment rental agreement template doc.