Contract for Rental of Personal Property
This document is a contract for the rental of personal property, outlining the terms between a Renter and a Lessor. It details payment schedules, conditions for the property's return, and provisions for late fees or replacement costs if the property is not returned as agreed. The agreement also includes clauses for indemnification and the Lessor's right to repossess the property.
Contract for Rental of Personal Property
The Renter, whose signature appears below, on [date] received from the Lessor named below certain Personal Property (hereafter “Property”) described in Attachment A. In consideration of the Lessor’s permission to control and use said Property until noon on [date], the Renter hereby agrees as follows:
The Renter shall pay the Lessor [amount] for control and use of the Property from [date] until noon on [date].
A down payment of [amount] has been paid to Lessor at the time the Renter took control of the Property. The balance of the rental fee shall be paid by Renter when the Property is returned to Lessor.
Renter shall return the Property in the condition it was received, excepting normal wear from reasonable and prudent use.
Should Renter return the Property late, an additional late fee of [amount] per (hour, day, etc.) shall be payable by Renter upon the Property’s return.
Should Renter fail to return the Property by [date], Renter shall pay to Lessor the Property’s replacement cost of [amount] in addition to the rental fee and late fee specified above. Ownership of the Property shall transfer to the Renter upon payment of this replacement cost, rental fee, and late fee.
Renter agrees to hold Lessor harmless and free from against any and all liability of any kind whatsoever arising from Renter’s use of the Property, and to indemnify Lessor against any and all actions brought by any third parties as a result of Renter’s use of the Property.
If Renter does not return the Property and does not pay the fees and replacement cost described in (5) above, then Lessor shall have the right to enter the Renter’s property to take possession of the Lessor’s Property.
If Lessor incurs any expenses in the collection of any amounts due from Renter, or in recovery of the Property, Renter shall be liable for all such expenses.
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