Understanding the various terms and conditions of a lease contract before you sign can save you a lot of heartache and money in the long run. Those business owners who have never leased equipment may think the contract is just a formality and that their only obligation is to make the lease payments on time. Nothing could be further from the truth.
Leasing companies, like any other business, operate to make profits and will do everything they can (usually within ethical and/or legal boundaries) to protect their interest. The lease contract will likely contain many clauses that allows the lessor to accomplish this goal. While a lot of these clauses may not be detrimental to you as a lessee, it is probably worth the expense to have your attorney review the contract in its entirety.
Here are some of the typical clauses that you should be cognizant of:
Triple net leases - This means that the lessee is responsible for many of the expenses associated with the equipment. These expenses include property and causualy insurance, which protects both the lessee and lessor from destruction of the equipment to claims arising from someone getting injured or killed from the equipment's use. The lessee is also expected to maintain the equipment in good working order. Sales tax and personal property tax are the responsibility of the lessee in a triple net lease.
Personal Guarantees - Leasing always expect that the directors of the company to ensure the performance of the lease. In other words, if the company defaults on, the lease, the landlord has the right to ask a question immediately follows the principles of healing pending payments. This clause is advantageous for the creditors, because they short-circuit the judicial process and directly to guarantors.
Award of grant - landlords are oftenthe right to a lease or assign the lease to third parties. This does not alter the terms of the contract, if 'is not usually that big deal. The tenant on the other hand, should decide whether the contract a clause that contains its rights and obligations may arise with third parties. This may be important for companies that no longer apply to the equipment and therefore can not be paid more. It shouldNote, however, that in most cases, the transfer of the lease the tenant is not the original Off The Hook with respect to the obligations of the lease.
When the lease ends - is a key provision in the lease, make sure to understand. There are a variety of options granted to the lessee at the end of the contract. Some argue that the leases equipment to "market value" to be acquiredFixed price, again to the owner, or continue to rent on a monthly basis after the deadline has expired. These points can be exchanged in order to try and a good idea to have your goals for the equipment when the lease expires.
I have faced some of the many aspects in the assessment of a lease. It should be noted that a lawyer may pay into the depths of the lease to pay check.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น