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Equipment Lease Purchase Agreement

Equipment Lease Purchase Agreement Template for Philippines

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Key Requirements PROMPT example:

Equipment Lease Purchase Agreement

"I need an Equipment Lease Purchase Agreement under Philippine law for three heavy construction vehicles (2 excavators and 1 crane) with a 36-month lease term starting March 1, 2025, including maintenance provisions and an option to purchase at 15% of original value."

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Document background
The Equipment Lease Purchase Agreement is a vital commercial document used in the Philippine business environment when organizations need to acquire equipment while managing cash flow and maintaining financial flexibility. This agreement type is particularly useful when immediate equipment access is required but outright purchase is not preferred or possible. It combines the benefits of leasing with a pathway to ownership, structured under Philippine law and regulatory requirements. The document encompasses critical elements including equipment specifications, payment terms, maintenance obligations, insurance requirements, and purchase option details. It's commonly used across various industries and is especially relevant for capital-intensive operations where phased equipment acquisition aligns with business strategy. The agreement must comply with Philippine Civil Code provisions, lease regulations, and relevant financial services laws, making it a sophisticated instrument for equipment acquisition and financial planning.
Suggested Sections

1. Parties: Identification of lessor and lessee with complete legal names and addresses

2. Background: Context of the agreement, including the lessor's ownership of the equipment and lessee's intention to lease and eventually purchase

3. Definitions: Key terms used throughout the agreement including Equipment, Lease Term, Purchase Option, Payment Schedule

4. Equipment Description: Detailed description of the leased equipment including make, model, serial numbers, and condition

5. Lease Term and Payment Terms: Duration of lease, payment amounts, payment schedule, and method of payment

6. Purchase Option: Terms and conditions for exercising the purchase option, including purchase price calculation

7. Delivery and Acceptance: Terms regarding equipment delivery, installation, and acceptance procedures

8. Use and Maintenance: Requirements for equipment use, maintenance obligations, and prohibited activities

9. Insurance and Risk: Insurance requirements and allocation of risk for loss or damage

10. Warranties and Representations: Warranties regarding equipment condition, ownership, and fitness for purpose

11. Default and Remedies: Events of default and available remedies for both parties

12. Termination: Conditions and procedures for early termination of the agreement

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Environmental Compliance: Required for equipment that may have environmental impacts or require specific environmental permits

2. Export/Import Compliance: Necessary if equipment is imported or may be exported during the lease term

3. Intellectual Property Rights: Required if the equipment includes software or proprietary technology

4. Training and Support: Include when equipment requires specific training or ongoing technical support

5. Assignment and Subletting: Include if parties want to specifically address transfer rights

6. Force Majeure: Optional clause for circumstances beyond parties' control, particularly relevant in long-term leases

7. Confidentiality: Include when dealing with sensitive equipment or proprietary information

8. Anti-Corruption Compliance: Required for high-value equipment or government-related transactions

Suggested Schedules

1. Schedule A - Equipment Specifications: Detailed technical specifications of the equipment

2. Schedule B - Payment Schedule: Detailed breakdown of lease payments, including dates and amounts

3. Schedule C - Acceptance Certificate: Form for documenting equipment delivery and acceptance

4. Schedule D - Maintenance Requirements: Detailed maintenance procedures and schedules

5. Schedule E - Insurance Requirements: Specific insurance coverage requirements and limits

6. Schedule F - Purchase Option Calculations: Formula and terms for calculating final purchase price

7. Appendix 1 - Equipment Photos and Condition Report: Visual documentation of equipment condition at lease commencement

8. Appendix 2 - Warranty Documentation: Manufacturer's warranties and additional warranty terms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses







































Relevant Industries

Manufacturing

Construction

Agriculture

Mining

Transportation and Logistics

Healthcare

Information Technology

Telecommunications

Energy and Utilities

Industrial Processing

Retail

Food Processing

Pharmaceutical

Relevant Teams

Legal

Finance

Procurement

Operations

Risk Management

Treasury

Asset Management

Facilities Management

Supply Chain

Commercial

Relevant Roles

Chief Financial Officer

Procurement Manager

Operations Director

Fleet Manager

Equipment Manager

Legal Counsel

Contract Administrator

Risk Manager

Finance Director

Asset Manager

Facilities Manager

Treasury Manager

Commercial Director

Supply Chain Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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