US Legal Forms
Equipment Lease with Security Agreement and Purchase Option

Rhode Island Equipment Lease with Security Agreement and Purchase Option

Category:

Leases - Equipment

State:

Multi-State

Control #:

US-0816-BG

Format:

Instant download

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Public form

Description

An equipment lease agreement is an agreement where a lessor, the owner of the equipment, permits a lessee to use the equipment in exchange for periodic lease payments. The equipment leased can be machinery, vehicles or any other equipment. The lessee is conferred with right to possession and use of equipment for a certain period in return for periodic payments, when the equipment is leased. However, the lessor remains actual owner of the equipment.