Negotiating the Lease Document
What Is the Lease’s Central Purpose?
Although an equipment lease agreement can involve many complex, highly technical, and sometimes overwhelming concepts, its central purpose is very simple—it is a contract in which an equipment owner, the lessor, transfers the right to use the equipment to another, the lessee, for a period. The lessor retains equipment title.
A lease differs from a conditional sale, an outright sale, or a mortgage type of transaction. Under a conditional sale, the equipment owner finances the sale of the equipment, not merely its use, for the buyer. At the time the agreement is entered into, the equipment seller, in effect, transfers the equipment to the buyer and typically retains the ...
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