About the Equipment Rental Agreement / Lease of Chattel

When is a Equipment Rental Agreement appropriate?

When an asset is to be given to another person, it is a safeguard to ensure that the asset is returned and to detail the terms of the agreement.

Why do I need this document?
This protects the Lessor's ownership of the goods and the ability to demand the return of the goods. Without a formal agreement in writing the lessee who gets possession could claim it was a gift or the goods could become fixture to land or if the Lessee goes bankrupt then the trustee in bankruptcy could get the goods.


What does this document protect?
it protects the owners rights over the goods. It also sets out what the Lessee can and cannot do. It also ptoects the Lessee in enabling the Lessee to have lawful possession of the goods.


Is this Self Managed Super compliant?

Yes in fact it is a requirement that in releasing the assets of a super fund the arrangement is arms length and also protects the assets of the fund not being lost or wasted.