Rights, obligations and responsibilities of the parties

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Each party to the equipment lease agreement has rights and obligations.

Landlord's rights :

demand timely payment of rent;
check the condition of the equipment during the rental period;
terminate the contract unilaterally if it is violated.
Landlord's responsibilities :

transfer the equipment in good condition, in full and with the necessary documentation;
provide the tenant with the opportunity to fully use the equipment.
Tenant's rights :

use the equipment in accordance with belize whatsapp phone number the terms of the agreement;
demand repairs if the equipment failed through no fault of his own;
If the equipment is delivered faulty or incomplete, the lessor is responsible for this. In this case, the lessee has the right to terminate the contract or demand a replacement for a working item.
Tenant's responsibilities :

use the equipment for its intended purpose and in compliance with all requirements;
maintain equipment in good condition and service it in a timely manner;
return the equipment at the end of the rental period in good condition, taking into account normal wear and tear.
Liability for breach of contract terms may include penalties, late payment fees or equipment return fees. It is also important to provide for liability of the parties in the event of damage to or loss of equipment.

Be sure to also include the option to extend the lease or terminate it early.



Dispute resolution
You can set a shorter period for reviewing claims. For example, 10 or 15 working days instead of the standard 30.

If the parties to the agreement are from different entities, it can be specified that disputes will be considered in the arbitration court at the location of the lessor or lessee.

When the parties are located in the same region, there is no need to choose a court in another region, since by law the dispute will be heard in the arbitration court at the location of the defendant.

Equipment lease agreements regulate the financial and legal aspects of the use of property. To avoid possible disputes and conflicts, it is important to record the terms of the lease and monitor the fulfillment of obligations.



Equipment Lease Agreement: Sample
Below in the screenshots below you will find examples of an equipment lease agreement and an equipment acceptance/return act. In order not to retype everything manually, you can download an equipment lease agreement between legal entities . It includes all the key points that we mentioned above.