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 payment. Here are some suggestions:
Explicitly define the rental rates the Renter agrees to, for each and every piece of equipment included in the rental. Define the amount per minute, hours, days, weeks or months they are renting the equipment for.
Include an "authorization to charge" the debit or credit card on file and that all payments and fees due under this Agreement will be charged using that card.
List all "other charges", this can include optional services, such as cleaning and repair, applicable taxes, loss or damage or repair, late fees, expenses to recover unreturned equipment by the Renter, and all costs to collect unpaid monies due (including insufficient funds).
Also, should your business support installment payments, define the terms (days or dates within a due date) for making those payments and any surcharge per period (hours, days, weeks, months) for late payments.
In case you missed the first post in this series, regarding "Defining the terms", you can find it here