This Equipment Lease Purchase Option agreement is designed for use in New Zealand business transactions where a party wishes to lease equipment with the possibility of purchasing it at a later date. It provides a flexible financing solution that allows businesses to acquire necessary equipment while managing cash flow and maintaining the option for eventual ownership. The document complies with New Zealand commercial law requirements and includes essential provisions for equipment specification, lease terms, maintenance obligations, purchase option details, and risk allocation. This type of agreement is particularly useful when companies want to test equipment before committing to purchase, need to spread capital expenditure over time, or wish to maintain flexibility in their equipment acquisition strategy. The agreement incorporates necessary protections for both lessor and lessee, including clear terms for exercise of the purchase option, maintenance responsibilities, and default remedies.
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1. Parties: Identification of the lessor and lessee, including full legal names, addresses, and company registration details if applicable
2. Background: Context of the agreement, relationship between parties, and general purpose of the lease-purchase arrangement
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 and Payments: Duration of the lease, payment amounts, payment schedule, and late payment consequences
6. Purchase Option Terms: Details of the purchase option, including price calculation method, exercise period, and exercise process
7. Delivery and Acceptance: Terms regarding equipment delivery, inspection, and acceptance procedures
8. Use and Maintenance: Requirements for equipment use, maintenance obligations, and prohibited uses
9. Insurance and Risk: Insurance requirements, risk allocation, and liability provisions
10. Default and Termination: Events of default, remedies, and termination procedures
11. Return of Equipment: Conditions and procedures for equipment return if purchase option not exercised
12. General Provisions: Standard contractual provisions including governing law, notices, and amendments
1. Environmental Compliance: Required for equipment that may have environmental impacts or require specific environmental permits
2. Operator Training: Include when equipment requires specific training or certifications for operation
3. Software Licenses: Required when equipment includes software components or requires specific software licenses
4. Import/Export Compliance: Include for equipment subject to international trade restrictions or requirements
5. Sublease Provisions: Include if sublease rights are to be granted to the lessee
6. Equipment Modification: Include when modifications to equipment may be necessary or permitted
7. Service Level Agreement: Required when lessor provides ongoing maintenance or support services
1. Schedule 1 - Equipment Specifications: Detailed technical specifications and condition report of the equipment
2. Schedule 2 - Payment Schedule: Detailed breakdown of lease payments, including dates and amounts
3. Schedule 3 - Purchase Price Calculation: Formula or method for calculating the purchase price when option is exercised
4. Schedule 4 - Maintenance Requirements: Specific maintenance schedules and requirements for the equipment
5. Schedule 5 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
6. Schedule 6 - Acceptance Certificate: Form for documenting equipment delivery and acceptance
7. Schedule 7 - Return Conditions: Detailed specifications for equipment condition upon return
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