General Information
Equipment Lease Extension Agreement
An Equipment Lease Extension Agreement is a contract where the parties to an
equipment lease (the “Lessor” and “Lessee”) agree to extend the lease
previously entered into.
Having a written Equipment Lease Extension Agreement is beneficial for a
number of reasons.
First, it clearly states the extension terms of the
agreement; for example, extension of the duration of the lease agreement,
rental payments or repair liability, etc. Second, because it is written, it will
prevent future misunderstandings.
And, if a problem does occur, it can be
easily referenced for guidance or clarification.
These types of agreements are governed by state law. Many of the state laws
differ dramatically; therefore, the Lessor and the Lessee should become familiar
with the laws of their state before entering into this type of arrangement. In
addition, before using this form you should always consult with your attorney
to ensure that it addresses your specific situation.