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LegalCornerTM - Equipment Leases F.A.Q.'s

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Q.What should I look out for in an equipment lease?

A.If you opt to lease equipment, we suggest you at a minimum: (1) try to keep the lease term short (e.g., two years), (2) negotiate for a clause that lets you update or exchange your equipment so you don't end up paying for obsolete technology; (3) try to get the lessor to pay for any necessary upgrades; (4) insist on a cancellation clause that lets you pay a fee to cancel the lease; and (5) ensure that acceptance does not occur until you have actually used the equipment.

Again, we strongly suggest that you contact a local attorney to review, and possibly renegotiate, the terms of an equipment lease before you sign on the dotted line.

Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.