Commercial Vehicle Lease Agreements
A commercial vehicle lease agreements binds two parities together regarding the use of a commercial-grade vehicle. Lease agreements are legally binding and protect the leasing company and the lessee.
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Purpose
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The purpose of a commercial vehicle lease agreement is to ensure the payments for the vehicle are paid on time and the lessee of the vehicle cares for the vehicle. This agreement also protects the lessee from payment increases and the loss of a security deposit, if applicable, due to normal wear-and-tear.
Accepted Drivers
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A commercial vehicle lease agreement details who may drive the vehicle. In some cases, an agreement may allow any licensed driver over the age of 21 to drive the vehicle; however, some agreements may only allow one or two approved drivers to operate the vehicle.
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Monthly Payments
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This agreement will clearly outline what the monthly payments for the duration of the lease shall be. This section must state what day of the month payments are to be made as well as if there is a grace period for late payments and what penalties will be for a late payment.
Vehicle Maintenance
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A commercial vehicle agreement will determine who is responsible for regular vehicle maintenance, such as oil changes. This section of the agreement should clearly state how often regular maintenance should be performed and if the leasing company will provide a rebate for such care.
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References
- Photo Credit lease image by Renato Francia from Fotolia.com
