Equipment Lease (Canada)

An equipment lease agreement is a contract where one party (a “Lessor”) agrees to lease/rent equipment he owns to another party (a “Lessee”) for a specified time.

Having a written equipment lease agreement is beneficial for a number of reasons. First, it clearly states the terms of the agreement; for example, the duration of the lease agreement; the rental payments, repair liability, etc. Second, because it is written, it can help the parties avoid misunderstanding in the future. And, if a problem does occur, it can be easily referenced for guidance or clarification. This form includes an option for the lessee to purchase the equipment at the end of the term.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.