Lease Agreement

The agreement itself is, most often, a pre-printed form that contains the basic terms and conditions, including: the equipment location and usage conditions, insurance requirements, responsibility for taxes and fees, default provisions, late payment provisions, remedies, lessor’s assignment rights, equipment return provisions, indemnity, title to the equipment, and such other or additional provisions as determined by the lessor and by law. The lease Agreement also calls for the exact legal name and address of the lessor and lessee; a specific description of the equipment leased; the name and address of the equipment supplier; a schedule listing the term of the lease, the number and timing of lease payments, the amount of each lease payment, any applicable taxes payable, the number of advance lease payments required; and any additional fees or costs to be paid by the lessee.