Equipment lease agreement is typically made between the owner of the equipment, also known as lessor and to the person who takes on lease, also known as lessee. The equipment lease agreement is made for a specific period of time, says 3 years, in consideration for a specific amount that is predetermined and mutually agreed upon. Based on the value of the equipment, the value of e stamp paper is chosen and executed on the same, both parties sign the agreement to have it legally enforced. The lessor will also list out all the terms and conditions in the equipment lease agreement. Once the lease agreement term is completed and it is up to two parties (the lessor and lessee), if mutually agreed, then the lease agreement can be renewed for a new specific timeframe in consideration amount depending on the life of the equipment.
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