What is leasing?
The process by which a party called the lessee uses the asset of another party called the lessor for a pre-decided the period of time in return for a regular payment is called leasing. This is a legal agreement that binds the two parties by law. Any breach of contract by any one party can be contested in the court of law.
What is lease agreement form?
The lease agreement is a legal contract between the lessee and the lessor that requires signatures of both the parties.
The lease agreement form is mostly a standard document that contains the following information and data:
- Name of the lessee or party who has taken the asset on lease
- Name and details about the party who is the owner of the asset and has leased it out
- Details of the asset or product that is being leased
- Time period of the lease agreement
- Date of execution and end of lease
- Rate of lease rental and time of making the payments
- Mode of payments
- Any down payment or upfront money
- The condition that might be applied upon completion of the lease.
In many cases, the termination of the lease period may end the lease of the asset. In other situations, there may be a release clause or buyout condition whereby the lessee will get the ownership of the asset after the lease completion date. This lease agreement form acts as a proof or evidence that the lease has been executed between the two parties.
Lease Agreement Form
Microsoft Word document file | File size 80 KB | Download
The file can be download in OpenOffice format (.odt)
File size 17 Kb | Download