Larsen Law Offices, LLC, a Denver, Colorado law firm, provides legal assistance to a diverse and dynamic array of business and corporate clients throughout the United States through effective, innovative, and practical approaches to individual business industries. Larsen Law™ represents companies from a variety of industries including healthcare, software, medical and technology – specializing in contracts for technology transfer, software licensing, systems agreements and more.
Many businesses will elect to lease something, rather than buy it outright, in order to evaluate the item for possible future purchase, because the need for the item is for a limited time only, or because the item is cost-prohibitive to the organization at the current time. You may need a leasing contract for equipment, land, or office or factory space. Many businesses can benefit from a lease-to-own arrangement, where they can get the equipment they need now and then acquire the ownership to that equipment over the course of the contract. To find out how an experienced Transaction Attorney from Larsen Law Offices, LLC can assist with your leasing contract, please contact us at (303) 520-6030 for a consultation.
Items such as delineation of the rights, responsibilities, duties and obligations of both parties, the payment of the negotiated amount, time period covered, whether or not the property may be sublet, which party is responsible for which maintenance items, financial disclosures that must be met periodically, conditions for renewal or non-renewal, whether or not the lease may be assigned, and how and when the lease may be terminated are examples of items that should be addressed before finalizing any Leasing Contract.
Under a leasing contract, both parties have duties and obligations, such as who is responsible for the insurance coverage, costs associated with normal wear or upkeep, and the responsibilities detailing the destruction or failure of the asset. A leasing contract for machinery, such as a copier or printer, may be accompanied by a Services Agreement from the lessor or manufacturer, and may be either voluntary or mandatory. Conditions regarding the surrender of the asset at the end of the contract period should be carefully documented in advance. An experienced Transactional Attorney from Larsen Law Offices, LLC can assist you with the careful review, and draft the modifications necessary, to your leasing contract.