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A lease contract may be long and seem complicated. Read over it slowly and make sure you understand it before signing because it is a legal document. You may even decide to have a lawyer look over it. Make sure the lawyer you choose is familiar with business leasing contracts, if you decide to do this. These are some of the parts of the contract you will want to be knowledgeable about. PAYMENT DEFAULTS No one enters into a lease contract planning to not make payments. Unexpected things happen in life and in business. Late payments will usually cause late fees to be added. These fees usually need to be paid at the same time as the late payment to be accepted. A late payment can trigger expensive legal proceedings like a default notice being issued and repossession of the equipment. This can affect credit and the ability to lease in the future. EQUIPMENT RETURN Not only how the equipment will be returned to the leasing company will be in this clause, it will also include the details of the condition that the equipment must be in. Equipment may be returned at the end of the lease or at the time of an upgrade. Details of how equipment will be returned, in what condition, and who is responsible are in this clause of a lease contract. OPTIONS WHEN LEASE ENDS Leases will have different options for when the lease ends. At the end of a lease there may be the following options included in the contract: • Renewal of the lease • Extension of the lease • Purchasing leased equipment • Equipment return details Think ahead and make sure your lease will meet your needs now, in the future, and when the lease ends. Be sure you are knowledgeable on what you are agreeing to in the contract. To lease equipment from an experienced leasing company that will help you through the steps of a successful lease that meets the needs of your company, contact the staff at Miami, Florida based Wheel Leasing.