An Equipment Rental Agreement, also sometimes called a Rental Of Goods Agreement or a Goods Rental Agreement, is a document that a provider and renter can enter when one or more pieces of equipment are being rented.
Equipment Rental Agreements can be used in any circumstance where a physical good is being rented out. Through an Equipment Rental Agreement, a provider and renter can outline the terms and conditions of the rental of the equipment. The Agreement can contain provisions about the basic logistics of the rental, such as information about the price, security deposit and delivery of the equipment as well as the information required for an equitable relationship between the parties, such as risk of loss, clarification of who is responsible for maintaining the equipment, and an explanation of what is to occur in the event of a dispute.
How to use this document
This document can be prepared by a provider of equipment renting them out for personal or business reasons, or by a renter, looking to rent some equipment.
Various details about the parties, the equipment, and the transaction will need to be included.
Once the Agreement has been prepared, both parties can sign it, and have their signatures witnessed by an independent adult witness (they cannot witness each other). Each party should keep a signed copy of the Agreement for their own records.
Equipment Rental Agreements in Australia are generally subject to principles of contract law.
If the equipment is being rented by a business, to an individual consumer, then the Australian Consumer Law which is set out in the Competition and Consumer Act 2010 (Commonwealth), may also be relevant.
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