Equipment Hire Agreements
Equipment Hire Agreements are typically between two businesses in which one rents some equipment from the other, in return for a fee of some sort. If there is an option to purchase the equipment from the business loaning the equipment, the agreement then becomes a Hire-Purchase Agreement.
We can ensure your property is ultimately protected, even if the property itself has been rented out and is well out of your reach and control. Likewise, we can ensure that nothing happens to your property which makes it less easy to recover once an agreement has been terminated.
Whilst many principles of contract law apply here as they would do in any other commercial arrangement, care needs to be given to the specific requirements and clauses that would typically only appear in this type of bailment/lease agreement. These include:
• Which party will insure the equipment that is passing under such an agreement;
• The conditions under which the supplier needs to supply the property;
• The obligations and limitations the hirer under the agreement;
• The conditions in relation to the return of the property;
• Provisions relating to hirer being able to purchase the property on termination; and
• Ensuring compliance with the Unfair Contract Terms Act 1977 in respect of clauses specifically relating to the hire of the equipment, including all other typical commercial clauses.
However, the above is by no means an exhaustive list. Our team will guide you through the process of entering into a hire agreement and ensure you are well protected from any breakdown in the contractual relationship between your business and the other party.
Our expertise in Equipment Hire Agreements:
Here are a small selection of the types of clients we have acted for and the work we have done in this area:
• We acted for one of the UK’s electricity distribution network operators in relation to drafting its hire agreements for low loss transformers.
• We acted for a UK based manufacturer in drafting new Equipment Rental Agreements in respect of the hire of bespoke vehicles.
• We acted for an international market leading manufacturer in updating its hire purchase agreements for use in the hire purchase of high value goods.
Should you have any queries regarding a equipment hire or hire-purchase agreement, please get in contact with Robert Capper, head of the Commercial Department, for an initial and no obligation discussion either by phone on +44 (0) 1905 744814 / +44 (0) 7909 970323 or by e-mail at email@example.com.