Equipment Lease 'Hell or High Water' Clause

Prepare a Net Equipment Lease Agreement for Canada with this ready-made template.

This Net Equipment Lease Agreement serves as a comprehensive template for leasing equipment in Canada. It is applicable in most provinces and territories, with the exception of Quebec, where a different form may be required.

The template is provided as a fully editable MS Word document, allowing customization to suit specific requirements.

Lessee Obligations

The customer (lessee) is responsible for maintaining all warranties, guarantees, and insurance related to the rental items for the duration of the lease period. These obligations ensure the equipment remains protected and in good working order.

Ownership of Equipment

Throughout the lease term, ownership of the equipment remains with the supplier (lessor). The transfer of ownership does not occur until the lease has concluded, meaning that the lessor retains legal rights over the equipment until all payments have been made by the lessee.

Indemnity

The lessee agrees to indemnify the lessor against any loss or damage that may occur in connection with the leased equipment. This indemnification obligation remains effective even after the termination of the lease, providing continued protection for the lessor.

Rent Payment During Equipment Down-Time

There will be no reduction or abatement of rent during any period when the equipment is not operational or experiences down-time. Rent payments are required to continue as specified in the lease agreement, regardless of equipment status.

Lease equipment on a rent-to-own basis with this short form Equipment Lease Agreement with Purchase Option.

• The leasing company (lessor) retains ownership of the equipment during the term of the lease.
• The lessor has a right to inspect the equipment during the lease.
• The lessor will pay the taxes on the equipment.
• The customer (lessee) is responsible for maintaining insurance on the equipment during the lease.
• The lessor does not give the lessee any warranty or guaranty with respect to the equipment.
• This is a fully editable MS Word document that can be modified to fit your unique needs.
• This contract template is generic and does not contain specific references to the laws of any country or jurisdiction.

Lease equipment to customers with this easy-to-use Equipment Lease Agreement for the State of Ohio.

• The lessee has an option to renew the lease, but the lease becomes a month-to-month rental contract if the lessee fails to renew when the initial term expires.
• The lease transaction is meant to qualify as a casual sale for State sales tax exemption, but if it does not qualify, the lessee is responsible for paying any tax payable.
• if the equipment does not operate properly, any claims by the lessee must be against the vendor of the equipment and not the lessor.
• The lessee bears the full risk of loss, damage or destruction of the equipment.
• The file includes a Sales and Use Tax Unit Exemption Certificate.
• This legal form template is available in MS Word format and is fully customizable.
• Intended to be used only in the State of Ohio.