July 2016

The basics of an equipment rental agreement - Part 10 - Wrapping it all up

29. July 2016 Scott EquipCalendar Advice, Equipment Rental (0)

Wow! We've been talking about the basics of an equipment rental agreement on this blog since April. All we're trying to do is help equipment rental owners craft a basic rental agreement, just enough to cover the Renters and the Owners of the equipment, but now it's time to wrap it all up. The final steps are:

Get the Renter to agree to everything stated here in the Agreement. They can do so with a signature and date next to their printed name and printed date. It's also a good idea to ask them to sign with their initials on each page of the Agreement, perhaps next to the page number at the bottom. Did you know that most Agreements do not become legally binding until it has the signatures of each party involved? By signing off on a document, it confirms each party’s agreement and intention of executing the terms in the contract.

In case you missed the first post in this series, regarding "Defining the terms", you can find it here.

In case you missed the second post in this series, regarding "Payment", you can find it here.

In case you missed the third post in this series, regarding "Location of Equipment", you can find it here.

In case you missed the fourth post in this series, regarding "Care of Equipment", you can find it here.

In case you missed the fifth post in this series, regarding "Restrictions on Use", you can find it here.

In case you missed the sixth post in this series, regarding "Loss or Damage", you can find it here.

In case you missed the seventh post in this series, regarding "Termination", you can find it here.

In case you missed the eight post in this series, regarding "Liability Waiver", you can find it here.

In case you missed the ninth post in this series, regarding "Ownership", you can find it here.

The basics of an equipment rental agreement - Part 9 - Ownership

19. July 2016 Scott EquipCalendar Advice, Equipment Rental (0)

Working out the details of your equipment rental agreement is a lot of work. We at EquipCalendar understand and hopefully we can help with our series of blog posts about the basics of an equipment rental agreement. Today's post focuses on ownership. Here are some suggestions:

Believe or not, you have to state clearly that the Equipment being rented is your property in your rental Agreement. It's a good idea to state that the Owner shall retain ownership and title to the Equipment at all times. The Renter is also obligated to immediately notify the Owner in the event Equipment is levied, has a lien attached or is threatened with seizure. Also be sure that the Renter shall indemnify and hold Owner harmless against all loss and damages caused by such levy, lien or seizure.