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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.
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