Equipment Rental Lease Agreement

EQUIPMENT RENTAL LEASE AGREEMENT

This Equipment Rental Lease Agreement ("Agreement") is entered into as of by and between:

Lessor Name:   Address:

Lessee Name:   Address:

RECITALS

WHEREAS, Lessor is the lawful owner of certain equipment and has the authority to lease such equipment to third parties under the terms set forth herein;

WHEREAS, Lessee desires to lease from Lessor, and Lessor agrees to lease to Lessee, the equipment described in Section 3 for the purposes described in the Scope of Work, subject to the terms and conditions of this Agreement;

WHEREAS, the parties intend that this Agreement set forth their entire agreement with respect to the lease and operation of the equipment and to allocate risks and responsibilities between them.

SCOPE OF WORK

EQUIPMENT DESCRIPTION AND CONDITION

TERM AND TERMINATION

Lease Term: The lease commences on and continues until unless earlier terminated in accordance with this Agreement.

Either party may terminate this Agreement for material breach by the other party if the breaching party fails to cure such breach within the notice period specified above following written notice of breach.

PAYMENT TERMS

All amounts due under this Agreement are exclusive of taxes. Lessee shall pay any sales, use, excise or other taxes applicable to the rental. If Lessee fails to pay any amount when due, Lessor may charge the late payment fee specified above and recover costs of collection, including reasonable attorneys' fees.

DELIVERY, RETURN AND INSPECTION

Delivery shall be at Lessee's address unless otherwise agreed. Risk of loss for the equipment during transit shall be borne by . Lessee shall inspect the equipment upon delivery and notify Lessor in writing of any defects within of receipt or the equipment will be deemed accepted.

USE, MAINTENANCE AND REPAIR

Lessee shall use the equipment only for the Permitted Use described in Section 2, operate it in a careful and proper manner, and comply with all applicable laws, regulations and manufacturer’s instructions. Lessee shall perform routine maintenance at Lessee's expense and shall not make structural or mechanical alterations without Lessor's prior written consent.

INSURANCE AND LIABILITY

Lessee shall, at its own expense, obtain and maintain insurance covering loss, theft, damage and liability with respect to the equipment and Lessee's operations. Insurance shall name Lessor as additional insured and provide limits and coverages as reasonably required by Lessor.

INDEMNIFICATION

Lessee shall indemnify, defend and hold harmless Lessor and its affiliates, officers, directors and agents from and against any and all claims, liabilities, losses, damages, costs and expenses (including reasonable attorneys' fees) arising out of Lessee's use, possession, operation or maintenance of the equipment, except to the extent caused by Lessor's gross negligence or willful misconduct.

DEFAULT AND REMEDIES

Upon Lessee's default (including failure to pay rent, abandonment, insolvency, or breach of material obligations), Lessor may terminate this Agreement, retake possession of the equipment, recover unpaid rent, damages and enforcement costs, and exercise any other remedies available at law or in equity. Lessor's remedies are cumulative.

CONFIDENTIALITY

Each party agrees that any non-public technical, financial or business information disclosed by one party to the other and identified as confidential (or reasonably understood to be confidential) shall be held in strict confidence and used only for purposes of performing this Agreement. Confidential information shall not include information that is or becomes publicly available without breach of this Agreement or that is independently developed by the receiving party.

GOVERNING LAW; VENUE

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles. Venue for any action relating to this Agreement shall lie in the courts of that state.

ENTIRE AGREEMENT

This Agreement, together with any attachments and the written schedules incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. Any amendment or waiver must be in writing and signed by both parties.

NOTICES

All notices, requests and other communications required or permitted under this Agreement shall be in writing and addressed to the parties at the addresses set forth below (or to such other address as either party may designate by notice).

MISCELLANEOUS

Neither party may assign its rights or delegate its obligations under this Agreement without the prior written consent of the other party, except that Lessor may assign this Agreement to a successor to substantially all of its assets. Failure to exercise any right shall not constitute a waiver of that right. If any provision of this Agreement is held unenforceable, the remainder shall remain in full force and effect.

Sign Now