The Equipment Lease With Option To Purchase Agreement is a crucial commercial document used in Australian business transactions where companies seek to acquire equipment through leasing while maintaining the flexibility to purchase. This agreement is particularly valuable when businesses want to manage cash flow, test equipment before commitment, or maintain balance sheet efficiency. It provides a comprehensive framework covering equipment specifications, lease terms, maintenance obligations, risk allocation, and purchase option details. The document must comply with Australian federal and state legislation, including the Personal Property Securities Act 2009 (Cth) and the Australian Consumer Law. It's commonly used across various industries for both standard and specialized equipment, offering businesses the advantage of potential ownership while initially benefiting from leasing arrangements.
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1. Parties: Identification of lessor and lessee with full legal names and details
2. Background: Context of the agreement, relationship between parties, and purpose of the lease-purchase arrangement
3. Definitions and Interpretation: Defined terms, interpretation rules, and governing law provisions
4. Equipment Description: Detailed description of leased equipment including make, model, serial numbers, and condition
5. Lease Term and Payments: Duration of lease, payment amounts, payment schedule, and payment methods
6. Delivery and Acceptance: Terms for equipment delivery, inspection, and acceptance procedures
7. Purchase Option: Terms and conditions for exercising the purchase option, including pricing and procedure
8. Title and Risk: Ownership rights, risk allocation, and PPSA provisions
9. Use and Maintenance: Permitted use, maintenance obligations, and condition requirements
10. Insurance: Required insurance coverage, responsibilities for insurance, and claims procedures
11. Default and Termination: Events of default, remedies, and termination procedures
12. Return of Equipment: Conditions and procedures for equipment return if purchase option not exercised
13. General Provisions: Standard boilerplate clauses including notices, assignment, and dispute resolution
1. Environmental Compliance: Required for equipment with specific environmental impacts or regulatory requirements
2. Operator Training: Include when equipment requires specific operator training or certification
3. Software License: Required when equipment includes software components
4. Import/Export Compliance: Include for equipment subject to international trade regulations
5. Sublease Rights: Optional section permitting and regulating subleasing of equipment
6. Equipment Upgrades: Terms for upgrading or modifying equipment during lease term
7. Service Level Agreement: Include when lessor provides ongoing maintenance or support services
8. Special Industry Requirements: Industry-specific compliance requirements (e.g., medical equipment, mining equipment)
1. Equipment Schedule: Detailed specifications, photos, and condition report of equipment
2. Payment Schedule: Detailed breakdown of lease payments, purchase option calculations
3. Maintenance Schedule: Required maintenance procedures and schedules
4. Insurance Requirements: Detailed insurance specifications and coverage requirements
5. Acceptance Certificate: Form for documenting equipment delivery and acceptance
6. Purchase Option Notice: Form for exercising purchase option
7. Return Conditions: Detailed specifications for acceptable return condition
8. Permitted Locations: Approved locations for equipment use and storage
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