MOTOR VEHICLE LEASE
Information & Benefits:
Owner should specifically disclaim liability for injury caused from the operation of the equipment and receive from customer express acknowledgement of his assumption of risk for such operation.
Removal of rented equipment to areas outside a reasonable geographic region should be strictly prohibited.
Owner should require that equipment be returned in substantially the same condition as when it was first rented. Additional charges should apply for any damage if security deposit does not cover expense of repair.
Option to Purchase
Allows customer to buy the car when lease term ends. Under such a provision, the lessor must state the purchase price or the basis for setting this price in the initial lease contract. Purchase options are common in both open-end and closed-end leases.
Default occurs when customer fails to fulfill or abide by any obligation or term of the rental agreement. Owner may terminate the agreement and require customer to pay unpaid fees and costs incurred by owner in curing the default.
Liability & Indemnity
Customer indemnifies owner against any personal injury or loss of life to any person or damage to property, which may occur.
Mediation and Arbitration
Mediation and Arbitration should always specify a location in owner's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
This agreement constitutes the entire agreement of the parties and may be modified only in a writing executed by both parties.
Notices should always list the current and best addresses where each party may contact the other for whatever reason.
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