7 Elements to Expect on the Contract When Hiring Equipment

When you hire equipment, you usually have to sign an agreement. Wondering what to expect on the agreement? Well, the specifics vary from company to company, but here are some of the elements you may see:

1. Basic Details

As with any contract, an equipment hire contract is going to have basics such as your name, the name of the hire company and the type of equipment being hired. Of course, the agreement should also have the hire fee as well as any payment details.

2. Security Deposit

The equipment you hire may be worth thousands or even tens of thousands of dollars. To protect their interests, some companies require a security deposit. That should also be marked on the agreement.

You may want to find out what the security deposit is before you arrive at the hire company. Then, you can prepare with a cheque or credit card.

3. Details About the Equipment

In addition to just naming the equipment, the contract may also include details about the equipment. If the hire company doesn't have this included as part of the agreement, you may want to add it. This protects both you and the hire company.

For instance, if the equipment has a big scratch on the door, you don't want to be held responsible for that. However, if that blemish is noted before you take out the equipment you don't have to worry about that.

4. Repercussions for Damages

Accidents happen, and you need to know what's going to happen if you accidentally damage the equipment whilst it's in your possession. Ideally, the contract should explain whether you are responsible for the costs. In some cases, you may be able to buy insurance from the hire company.

5. Equipment Value

So that you know what to expect in terms of damages and in particular what to expect if the entire piece of equipment breaks, the contract may also note the total value of the equipment. If you don't agree with the amount noted on the contract, you may want to talk with the hire company about changing that amount.

6. Liability Waiver

If you get hurt while using the hired equipment, the hire company may not want to incur any financial costs related to the incident. So that you can't sue the company, you may also need to sign a liability waiver.

7. Late Returns

Finally, the company may have a protocol in place to deal with late returns on equipment. There may be late fees or penalties based on when you return the equipment. The expected return day and time should also be noted so you know when the company expects to get the equipment back.