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Plant, Machinery or Equipment Lease

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  1. Lessor and lessee
  2. The equipment and who operates it
  3. Term and lock-in
  4. Rental, deposit and hours
  5. Servicing, insurance and return
  6. Ending, disputes and signing

Step 1 of 6

Lessor and lessee

For example: Ludhiana Machinery Rentals Private Limited

Lessor's constitutionNeeded
Lessor's address for this document and for noticesNeeded

For example: Bedi Infra Works

Lessee's constitutionNeeded
Lessee's address for this document and for noticesNeeded
More details — you may leave these

For example: Ravneet Chadha

For example: Ravneet Chadha

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PLANT, MACHINERY OR EQUIPMENT LEASE

BETWEEN

__________, __________, of __________ (the "Lessor")

AND

__________, __________, of __________ (the "Lessee")

The Lessor and the Lessee are each a "Party" and together the "Parties".

RECITALS

A. The Lessor owns the equipment described below and is in the business of leasing equipment.

B. The Lessee needs the equipment for its business and has agreed to take it on lease for a rental on the terms of this Lease.

NOW THIS LEASE WITNESSES as follows.

  1. 1. THE EQUIPMENT

1.2 The Lessor owns the Equipment and keeps ownership throughout. This Lease gives the Lessee only the right to use it during the term. The Lessee shall not sell, pledge, mortgage, lend, sub-lease or otherwise part with the Equipment or let any claim, lien or charge arise on it. If a creditor of the Lessee, or the owner of the land where it stands, tries to seize or claim it, the Lessee shall tell the creditor or owner at once that it belongs to the Lessor and shall inform the Lessor immediately.

1.3 The Lessor may fix and keep on the Equipment a plate or marking showing that it belongs to the Lessor, and the Lessee shall not remove or hide it.

1.4 The Lessor confirms that it owns the Equipment, free of any charge or hire-purchase or loan security that would stop this Lease, or has the lender's consent, and that the Equipment is in good working order and fit for the permitted use on delivery.

  1. 2. TERM, DELIVERY AND USE

2.4 The Lessor may inspect the Equipment, and the records of its use, at reasonable times on notice, wherever it is kept.

  1. 3. RENTAL, DEPOSIT AND CHARGES

3.5 The Lessee bears fuel, lubricants, operator costs (unless the Lessor supplies the operator), transport to and from the site if it asks for the Equipment to be moved, site permits, and fines for its use. If the Lessee delays a payment by more than seven days, the Lessor may charge interest on the late sum at twelve per cent a year from the due date until paid.

  1. 4. CARE, REPAIRS AND INSURANCE

4.4 The Lessee shall indemnify the Lessor against claims by third parties, and fines, arising from the Equipment's use while it is with the Lessee, including injury to people and damage to property, except where caused by a defect in the Equipment that the Lessor failed to put right or by an operator the Lessor supplied.

  1. 5. RETURN AND END

5.3 Either Party may end this Lease at once by written notice if the other commits a serious breach and, where it can be put right, does not do so within fifteen days of written notice, or becomes insolvent. The Lessor may end it at once and take back the Equipment if the Lessee does not pay a sum due within fifteen days of a written reminder, or uses, moves, sells or charges the Equipment in breach of this Lease. Sums due up to the return remain payable.

5.4 This Lease is a lease of movable goods. It creates no interest in any land or building, and the Lessee shall get any consent it needs from the owner of the place where the Equipment is kept, including a written waiver of any right over the Equipment.

  1. 6. NOTICES, DISPUTES AND STAMP DUTY

6.1 Any notice under this Lease shall be in writing and delivered by hand, registered post, speed post or courier to the address of the receiving Party stated at the head of this Lease (or any changed address notified in writing), or by email where the Parties have agreed an email address in writing. A notice is treated as received on delivery or, if posted, on the fifth day after posting.

  1. 7. GENERAL

7.1 This Lease is the whole agreement between the Parties on its subject and replaces every earlier discussion or understanding about it.

7.2 No change to this Lease is effective unless it is in writing and signed by both Parties.

7.3 A Party's failure or delay in enforcing this Lease is not a waiver. If any provision is held invalid or unenforceable, the rest of this Lease continues in force.

FOR THE LESSOR
__________

Signature: ______________________________
Date: ______________________________

FOR THE LESSEE
__________

Signature: ______________________________
Date: ______________________________

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