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Equipment Lease Agreement With Option To Purchase

Equipment Lease Agreement With Option To Purchase Template for India

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Key Requirements PROMPT example:

Equipment Lease Agreement With Option To Purchase

"I need an Equipment Lease Agreement with Option to Purchase for heavy construction machinery (3 excavators and 2 bulldozers) in Maharashtra, India, with a 24-month lease term starting March 2025 and purchase option exercisable after 18 months, including specific provisions for monsoon season maintenance."

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Document background
The Equipment Lease Agreement With Option to Purchase is essential for businesses in India seeking to acquire equipment through leasing while maintaining the flexibility to purchase it later. This arrangement is particularly valuable when companies want to manage cash flow, test equipment before full commitment, or maintain balance sheet efficiency. The document is structured to comply with Indian legal requirements, including the Indian Contract Act, Sale of Goods Act, and relevant state-specific regulations. It covers comprehensive terms for equipment lease and potential purchase, including delivery, maintenance, insurance, payment schedules, and purchase option mechanics. This agreement type is commonly used for high-value equipment acquisitions where businesses want to spread costs while retaining the option to acquire ownership. It's particularly relevant in the current Indian business environment where companies seek flexible equipment financing solutions while ensuring legal compliance and risk management.
Suggested Sections

1. Parties: Identification of the Lessor and Lessee with complete legal names and addresses

2. Background: Context of the agreement, including the Lessor's ownership of the equipment and Lessee's desire to lease with purchase option

3. Definitions: Key terms used throughout the agreement including Equipment, Lease Period, Purchase Option, Lease Payments

4. Equipment Description: General description of the leased equipment (detailed specifications in Schedule)

5. Lease Term and Payments: Duration of lease, payment amounts, payment schedule, and payment methods

6. Delivery and Acceptance: Terms regarding equipment delivery, inspection, and acceptance procedures

7. Use and Maintenance: Permitted use of equipment, maintenance obligations, and operating conditions

8. Insurance and Risk: Insurance requirements, risk allocation, and indemnification provisions

9. Purchase Option Terms: Conditions for exercising purchase option, purchase price calculation, and transfer process

10. Default and Remedies: Events of default, cure periods, and available remedies

11. Return of Equipment: Conditions and procedures for equipment return if purchase option not exercised

12. General Provisions: Standard clauses including notices, amendments, governing law, dispute resolution

Optional Sections

1. Sub-leasing: Include when sub-leasing is permitted, specifying conditions and approval requirements

2. Equipment Upgrades: Include for technology or equipment that may require upgrades during lease term

3. Early Termination: Include when early termination options are offered, specifying conditions and fees

4. Import/Export Compliance: Include for equipment that may cross international borders

5. Environmental Compliance: Include for equipment that may have environmental impacts or requirements

6. Training and Support: Include when lessor provides training or technical support services

7. Warranty Assignment: Include when manufacturer warranties are being assigned to lessee

Suggested Schedules

1. Schedule A - Equipment Specifications: Detailed technical specifications, serial numbers, and condition of equipment

2. Schedule B - Lease Payment Schedule: Detailed breakdown of lease payments, dates, and payment terms

3. Schedule C - Purchase Option Pricing: Formula or fixed prices for purchase option at different points during lease term

4. Schedule D - Maintenance Requirements: Detailed maintenance schedule and requirements for the equipment

5. Schedule E - Insurance Requirements: Specific insurance coverage requirements and minimum limits

6. Schedule F - Delivery and Acceptance Form: Form to document equipment delivery and acceptance

7. Schedule G - Return Conditions: Detailed conditions equipment must meet upon return if not purchased

8. Appendix 1 - Operating Guidelines: Manufacturer's operating guidelines or specific usage requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions










































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Relevant Industries

Manufacturing

Construction

Information Technology

Healthcare

Agriculture

Mining

Transportation

Telecommunications

Heavy Industry

Renewable Energy

Logistics

Retail

Hospitality

Infrastructure Development

Aviation

Relevant Teams

Legal

Finance

Procurement

Operations

Risk Management

Facilities Management

Asset Management

Treasury

Commercial

Technical Operations

Maintenance

Compliance

Relevant Roles

Chief Financial Officer

Procurement Manager

Operations Director

Equipment Manager

Fleet Manager

Legal Counsel

Finance Manager

Asset Manager

Contract Administrator

Risk Manager

Facilities Manager

Operations Manager

Technical Director

Maintenance Manager

Commercial Director

Treasury Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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