This Equipment Lease To Own Agreement is designed for use in New Zealand when a party wishes to acquire equipment through an initial lease arrangement with a subsequent purchase option. It is particularly suitable for businesses and individuals who prefer to spread equipment acquisition costs over time while maintaining the flexibility to purchase. The agreement complies with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and Personal Property Securities Act 1999. It contains detailed provisions for equipment specification, payment terms, maintenance obligations, risk allocation, and the process for transferring ownership. The document can be customized for various equipment types and industries, incorporating appropriate consumer protection provisions when the lessee is an individual rather than a business.
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1. Parties: Identifies and provides full details of the lessor and lessee, including registered addresses and company/business numbers
2. Background: Sets out the context of the agreement, including the lessor's ownership of the equipment and the lessee's desire to lease with an option to purchase
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules for interpretation
4. Equipment Description: Brief description of the leased equipment (with detailed specifications in Schedule 1)
5. Term and Commencement: Specifies the duration of the lease and when it begins
6. Payments and Purchase Option: Details the lease payment structure, purchase option price, and conditions for exercising the purchase option
7. Delivery and Acceptance: Covers the delivery process, acceptance testing, and documentation requirements
8. Title and Risk: Establishes that title remains with lessor until purchase option is exercised, and addresses risk allocation
9. Use and Maintenance: Specifies permitted use, maintenance obligations, and condition requirements
10. Insurance: Details insurance requirements and responsibilities
11. Default and Termination: Defines events of default and termination rights
12. Return of Equipment: Procedures for returning equipment if purchase option isn't exercised
13. Transfer of Ownership: Process and requirements for transferring ownership when purchase option is exercised
14. General Provisions: Standard provisions including notices, governing law, dispute resolution, and assignment
1. GST: Required when either party is GST registered, addressing GST treatment of payments
2. Consumer Guarantees: Required when lessee is a consumer, addressing Consumer Guarantees Act requirements
3. Personal Property Securities Act: Detailed PPSA provisions when registration of security interest is required
4. Maintenance Services: When lessor provides maintenance services as part of the agreement
5. Software Licenses: When equipment includes software requiring separate licensing terms
6. Training and Support: When lessor provides training or ongoing support for equipment use
7. Site Requirements: When equipment requires specific installation or site conditions
8. Export Restrictions: When equipment is subject to export control regulations
1. Equipment Specifications: Detailed description of equipment including make, model, serial numbers, and technical specifications
2. Payment Schedule: Detailed breakdown of payment amounts, dates, and purchase option calculations
3. Maintenance Requirements: Specific maintenance schedules and procedures required for the equipment
4. Acceptance Testing Procedures: Criteria and procedures for acceptance testing of equipment
5. Insurance Requirements: Detailed insurance specifications including coverage types and amounts
6. Site Requirements: Technical specifications for installation site and operating environment
7. Return Conditions: Detailed conditions equipment must meet if returned at end of lease
8. Warranty Details: Manufacturer's warranty information and terms
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Agriculture
Mining
Transportation
Healthcare
Information Technology
Retail
Hospitality
Warehousing and Logistics
Food Processing
Printing and Publishing
Environmental Services
Educational Institutions
Relevant Teams
Legal
Finance
Procurement
Operations
Asset Management
Risk Management
Facilities Management
Contract Administration
Treasury
Commercial
Relevant Roles
Chief Financial Officer
Operations Manager
Procurement Manager
Asset Manager
Fleet Manager
Equipment Manager
Finance Director
Commercial Manager
Risk Manager
Facilities Manager
Business Owner
Managing Director
Contract Administrator
Legal Counsel
Treasury Manager
Equipment Coordinator
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