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This Equipment Lease Agreement ("Lease Agreement") can be used when Equipment is being rented from a Lessor (person or entity who owns the Equipment) to a Lessee (person or entity intending to use the Equipment on rent). The Lessee gets the right to use the equipment and in return makes the period payment of rent. However, the Lessor retains ownership and the option to cancel the Lease agreement in accordance with the terms of the Lease Agreement.
This Lease Agreement can be used by an individual or entities like a company, LLP, NGO, etc. and can be used for renting any type of Equipment including heavy machinery, computers, servers, etc.
This Lease Agreement will create a legally binding contract between the parties, outlining the rights and responsibilities of both the Lessor and the Lessee. This lease contains a number of variable terms, including:
How to use this document?
The completed document should be provided to all parties. Each party should be given the opportunity to read the agreement and may need some time to do this given the length of the document.
The Lease Agreement would need to be printed on non-judicial stamp paper or e-stamp paper which is available in certain states. The value of the stamp paper would depend on the state in which it is executed as well as the duration of the lease and the lease rent. Each state in India has provisions regarding the amount of stamp duty payable on the lease deed; the same would need to be determined based on the case's specific facts.
After printing the document on stamp paper or e-stamp paper, as applicable, both parties should sign the Lease Agreement and each party should keep a copy of it.
The rules and regulations under the Indian Contract Act, 1872 would be applicable to the Lease Agreement.
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