The Basic Equipment Lease Agreement serves as a fundamental legal instrument in U.S. business operations, enabling companies to access necessary equipment without the capital investment of purchasing. This document, governed by U.S. federal and state laws, particularly UCC Article 2A, outlines the complete relationship between lessor and lessee, including equipment specifications, payment schedules, maintenance responsibilities, and liability allocations. It's particularly useful for businesses seeking to manage cash flow, maintain equipment flexibility, and potentially benefit from tax advantages associated with leasing rather than purchasing equipment.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of lessor and lessee with full legal names and addresses
2. Background: Context of the lease arrangement and purpose
3. Definitions: Key terms used throughout the agreement
4. Equipment Description: Detailed description of leased equipment including serial numbers
5. Lease Term and Payments: Duration of lease and payment terms
6. Delivery and Return: Conditions for equipment delivery and return
7. Maintenance and Use: Requirements for equipment maintenance and permitted use
8. Representations and Warranties: Statements of fact and promises made by both parties
9. Default and Remedies: Consequences of breach and available remedies
10. Governing Law: Jurisdiction and applicable law governing the agreement
1. Insurance Requirements: Specific insurance obligations for high-value equipment or when required by state law
2. Purchase Option: Terms for purchasing equipment at lease end when offering lease-to-own option
3. Sublease Provisions: Terms governing subleasing when sublease might be permitted
4. Environmental Compliance: Environmental regulations and compliance requirements for equipment operation
5. Force Majeure: Provisions for unforeseen circumstances preventing performance
1. Schedule A - Equipment Specification: Detailed technical specifications of equipment
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and dates
3. Schedule C - Maintenance Requirements: Specific maintenance procedures and schedules
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage
5. Schedule E - Condition Report: Documentation of equipment condition at lease commencement
Find the exact document you need
Basic Equipment Lease Agreement
A U.S.-governed agreement defining terms for equipment rental between lessor and lessee, subject to UCC Article 2A.
Download
Equipment Lease With Option To Purchase Agreement
A U.S.-governed agreement establishing terms for equipment leasing with a purchase option, subject to UCC Article 2A.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)