Equipment Hire Agreements are essential when hiring out your equipment to a person or business. This template is comprehensive and covers lease terms, the length of hire, fees and deposits, use, warranties, repairs, loss and damage and more. This is an excellent template to use if you are hiring out or loaning equipment in Australia. Below is a detailed list of items covered in this Equipment Hire Agreement Template.
The Equipment Hire Agreement Template covers the following:
- Details Schedule
- Registration under the Personal Properties Securities Act 2009
- Rent and deposit
- No warranties
- Loss and damage
- Additional Documents
- Entire agreement
Why does your business need an Equipment Hire Agreement?
From our experience, some of the main issues that occur when renting out equipment is how repairs, refunds, warranties and loss and damage is dealt with. Having an agreement in place, sets a standard for those hiring out your equipment (you can easily define ‘equipment’ in this template so your equipment may be anything from a lawn mower, truck to garments). This template includes general repair, loss and damage and warranties terms to aid in protecting your business, however, once you have received a copy of the template, you can complete the template and if you have any specific concerns, you can send the template to Legal Kitz for review and confirmation on any areas of concern.
It is also essential to clearly define how insurance is handled in specific situations when renting out equipment. You may wish to consider specifying an excess payment (similar to when you hire a car) so in the event of damage or injury, your business is covered for the time spend addressing any claims or your insurance excess payment is covered.
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