The Contract Hire Agreement is essential for businesses and individuals seeking to hire assets without the burden of ownership. This document, governed by Austrian law, particularly the ABGB (Austrian Civil Code) and UGB (Austrian Commercial Code), establishes a clear framework for asset hiring arrangements. It is commonly used for vehicles, equipment, and machinery where long-term hire is preferred over purchase. The agreement covers crucial aspects including asset specifications, payment structures, maintenance obligations, insurance requirements, and return conditions. It provides protection for both lessors and lessees while ensuring compliance with Austrian regulatory requirements. This type of agreement is particularly valuable when organizations need access to assets without capital expenditure, while maintaining flexibility and clear operational guidelines.
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Key Requirements PROMPT example:
Contract Hire Agreement
"I need a Contract Hire Agreement for a fleet of 10 electric delivery vans from March 2025, including full maintenance package and charging infrastructure, with an Austrian logistics company as the lessee and option for fleet expansion after 12 months."
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1. Parties: Identification and details of the lessor and lessee, including full legal names, registration numbers, and registered addresses
2. Background: Context of the agreement and brief description of the hiring arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Asset Description: Detailed description of the hired asset(s) including specifications and condition at delivery
5. Term: Duration of the hire period, including commencement and end dates
6. Payment Terms: Rental payment amounts, payment schedule, deposit requirements, and payment methods
7. Delivery and Acceptance: Terms regarding the delivery of the asset and acceptance procedures
8. Use of Asset: Permitted use, restrictions, and operating conditions of the hired asset
9. Maintenance and Repairs: Responsibilities for maintenance, repairs, and servicing of the asset
10. Insurance Requirements: Insurance obligations of the parties regarding the hired asset
11. Risk and Liability: Allocation of risk and liability between parties
12. Lessee Obligations: General obligations and responsibilities of the lessee
13. Lessor Obligations: General obligations and responsibilities of the lessor
14. Default and Remedies: Events of default and available remedies
15. Termination: Grounds for termination and consequences
16. Return of Asset: Conditions and procedures for returning the asset at the end of the hire period
17. Governing Law: Specification of Austrian law as governing law and jurisdiction
18. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
1. Services: Include when additional services are provided with the hire, such as maintenance packages or operator training
2. Substitution Rights: Include when the lessor has the right to substitute the hired asset with equivalent alternatives
3. Sub-hiring: Include when sub-hiring is permitted, specifying conditions and requirements
4. Purchase Option: Include when the lessee has an option to purchase the asset at the end of the hire period
5. Regulatory Compliance: Include when specific regulatory requirements apply to the hired asset or its use
6. Data Protection: Include when personal data processing is involved in the contract execution
7. Force Majeure: Include when specific force majeure provisions are required beyond standard contract law
8. Environmental Compliance: Include when the asset use has environmental implications or requirements
1. Schedule 1 - Asset Specification: Detailed technical specifications of the hired asset
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates and amounts
3. Schedule 3 - Maintenance Schedule: Required maintenance intervals and procedures
4. Schedule 4 - Acceptance Protocol: Form for documenting the delivery and acceptance of the asset
5. Schedule 5 - Return Conditions: Detailed specifications for acceptable condition upon return
6. Schedule 6 - Insurance Requirements: Detailed insurance specifications and coverage requirements
7. Appendix A - Service Level Agreement: If applicable, details of service levels and performance metrics
8. Appendix B - Operating Instructions: If applicable, specific instructions for asset operation and maintenance
Authors
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Construction
Manufacturing
Transportation and Logistics
Agriculture
Information Technology
Healthcare
Industrial Equipment
Office Equipment
Energy
Mining
Retail
Relevant Teams
Legal
Procurement
Finance
Operations
Risk Management
Compliance
Fleet Management
Asset Management
Treasury
Facilities Management
Relevant Roles
Fleet Manager
Procurement Manager
Operations Director
Financial Controller
Legal Counsel
Risk Manager
Asset Manager
Commercial Director
Contracts Manager
Facilities Manager
Chief Financial Officer
Operations Manager
Compliance Officer
Treasury Manager
Equipment Manager
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