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Equipment Lease With Option To Purchase Agreement

Equipment Lease With Option To Purchase Agreement Template for Nigeria

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Key Requirements PROMPT example:

Equipment Lease With Option To Purchase Agreement

"I need an Equipment Lease With Option To Purchase Agreement for three industrial printing machines in Lagos, Nigeria, with a 24-month lease term starting March 2025 and an option to purchase at 70% of initial value, including maintenance services and operator training provisions."

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Document background
The Equipment Lease With Option To Purchase Agreement is utilized when businesses or individuals wish to lease equipment while maintaining the flexibility to acquire ownership in the future. This arrangement is particularly valuable in the Nigerian market where capital preservation and equipment access are key business considerations. The document complies with the Equipment Leasing Act 2015 and other relevant Nigerian legislation, making it suitable for both domestic and international transactions within Nigeria. It includes comprehensive provisions for equipment specifications, lease terms, maintenance requirements, payment schedules, and the specific mechanisms for exercising the purchase option. This type of agreement is commonly used for high-value equipment acquisitions where immediate purchase might not be financially optimal, but future ownership is desired.
Suggested Sections

1. Parties: Identification of the lessor and lessee with full legal names and addresses

2. Background: Context of the agreement and brief description of the transaction

3. Definitions: Definitions of key terms used throughout the agreement

4. Equipment Description: Detailed description of the leased equipment including make, model, serial numbers, and condition

5. Lease Term: Duration of the lease, commencement date, and conditions for renewal

6. Rental Payments: Payment terms, amounts, frequency, and method of payment

7. Option to Purchase: Terms and conditions of the purchase option, including purchase price calculation and exercise procedure

8. Delivery and Acceptance: Terms regarding equipment delivery, installation, and acceptance testing

9. Use and Maintenance: Requirements for equipment use, maintenance obligations, and operating conditions

10. Insurance: Insurance requirements and responsibilities of each party

11. Title and Risk: Ownership rights, risk allocation, and protection of lessor's interests

12. Warranties and Representations: Warranties regarding equipment condition and parties' authority to enter agreement

13. Default and Remedies: Events of default and available remedies for both parties

14. Termination: Conditions and procedures for early termination

15. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Additional Services: Details of any additional services provided by lessor such as maintenance or training

2. Environmental Compliance: Required for equipment that may have environmental impacts

3. Import/Export Compliance: Required for equipment imported from outside Nigeria

4. Security Deposit: Terms regarding any security deposit required

5. Sub-letting: Terms allowing or prohibiting sub-letting of equipment

6. Equipment Upgrades: Provisions for upgrading or modifying equipment during lease term

7. Return Conditions: Detailed requirements for equipment condition upon return if purchase option not exercised

8. Force Majeure: Provisions for unforeseen circumstances affecting performance

Suggested Schedules

1. Schedule A - Equipment Specification: Detailed technical specifications of the equipment

2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and dates

3. Schedule C - Purchase Price Calculation: Formula or method for calculating purchase price when option is exercised

4. Schedule D - Acceptance Certificate: Form of certificate to be signed upon delivery and acceptance

5. Schedule E - Maintenance Requirements: Detailed maintenance and servicing requirements

6. Schedule F - Insurance Requirements: Specific insurance coverage requirements and terms

7. Appendix 1 - Equipment Photographs: Photographic evidence of equipment condition at lease commencement

8. Appendix 2 - Operating Procedures: Required operating procedures and safety guidelines

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























































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Relevant Industries

Manufacturing

Construction

Agriculture

Mining

Oil and Gas

Transportation and Logistics

Healthcare

Telecommunications

Industrial Equipment

Heavy Machinery

Renewable Energy

Infrastructure Development

Aviation

Maritime

Relevant Teams

Legal

Finance

Operations

Procurement

Risk Management

Compliance

Treasury

Asset Management

Facilities Management

Commercial Operations

Relevant Roles

Chief Financial Officer

Operations Director

Procurement Manager

Equipment Manager

Fleet Manager

Legal Counsel

Contract Manager

Risk Manager

Finance Manager

Asset Manager

Operations Manager

Facilities Manager

Commercial Director

Treasury Manager

Compliance Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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