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The most important thing to remember when it comes to an equipment lease contract, or any contract, is to get it in writing! If it isn’t in writing, you shouldn’t get upset when you don’t get what was promised. Start out with a reputable business that has experience in leasing. These are some points you will find in a lease contract.

Description of equipment-this will detail the equipment type, equipment brand, year, model, etc. Upgrade details-when and if upgrades can be made, the effects on the lease, when upgrades can be done, changes in payments will be handled Length of lease-traditionally the lease will be 2-5 years depending on the type of equipment and the business. Some lease companies can customize a lease to meet seasonal or temporary equipment needs Non-traditional lease programs-private leasing companies are able to offer diverse leasing programs like deferred payments, skip payments, step payments, or other specialized leasing programs Lease terms-this is when the lease will begin, the payment amount, the payment dates, deposit amount, when the lease ends Delivery and pickup-how the leased equipment will be shipped, details of delivery, pickup details for end of lease or at time of upgrade Permission and details of use-permission for use, how the equipment can be used, where the equipment can be used, ownership details, bankruptcy details Loss and damage-who is responsible in the event of loss and damage, insurance responsibility, liability Additional requirements-licenses or training that may be required, financial statements Default details-how it will be handled in the event the payments are not made

Each contract will be a little different. With different types of leases, especially with independent leasing companies, the details will vary. Independent leasing companies can tailor a lease to the needs of a business like including deferred payments and the length of the lease. Make sure you read and understand all points in a leasing contract before you sign on the bottom line. When you want to lease equipment with a reputable lease company that has experience and will tailor a lease agreement to meet the needs of your business, contact Wheel Leasing. They are an independent leasing company based in Florida that leases a wide range of equipment for businesses.