Top 3 Tips When Going Over Your NY Equipment Rental Contracts
Renting your construction equipment pays off more than buying it. For one thing, you save time and money on maintenance because the rental company will do it for you. For another thing, you will always have the latest model for every project, giving your construction business an edge over all others. And the best way to get all the benefits of equipment rental is to carefully look over your contract.
As with any contract, you want to read your NY equipment rental contracts thoroughly before signing. Neglecting this crucial part of your rental process will lead to misunderstandings over costs, imposed penalties (if any), limitations, and any relevant concern. When your equipment rental starts off without any clear understanding of what you need to do and what the rental company should do, it could create disputes.
To prevent disputes, here are three tips to consider with your equipment rental contract.
1.Make sure your contract states exactly the kind of equipment you are renting.
Aside from the model and the brand, it should also specify the power option (do you prefer diesel- or propane-powered forklift?), the capacity, the size, and the like. The contract should also list the accompanying accessories. Otherwise, you might find yourself sourcing them out separately.
When everything about the equipment is specified, you avoid the delays and the stress that come with surprises. It also reassures you that you will not have to make other arrangements.
2.Look for the delivery and installation details.
Equipment rental contracts avoid the “he said, she said” scenario. The legal document clearly outlines what both parties have discussed with regard to when the equipment is required on the site. It also states if the rental company is going to deliver and set up the equipment, if any specialized assembly is required, or if your technicians can simply pick it up.
Your contract should stipulate who is responsible for what.
3.Know the end of the rental period and the process that comes with it.
How will you tell the rental company that you no longer need the equipment? If your contract doesn’t specify a definite end of rental period, then it has to provide the process of notification.
A clearly outlined notification prevents a number of scenarios. One, it prevents your company from notifying the wrong person. Two, it stops the rental company from claiming it wasn’t notified. If it wasn’t notified in time, the equipment doesn’t get picked up and might have to pay for extra charges—even when you weren’t even using the equipment anymore.