When things go as expected, equipment leases can be beneficial for all parties involved.
For a New York area business, an equipment lease can offer some financial benefits. These benefits include predictability of payments, not having to pay for repairs and being able to afford expensive equipment without having to take out a loan.
Leasing also gives the business owner the ability to upgrade equipment without having to worry about selling or storing old, obsolete equipment. On the other side, the owner of the equipment can make a stream of income by leasing it.
However, as is the case with any agreement, things can go wrong with an equipment lease.
At the most basic level, the business which leased the equipment might not be able to make payments. Oftentimes, the business may simply not be able to afford the payments because of financial problems.
When this happens, the owner will need to take the necessary legal steps to get their equipment back and, to the extent possible, recover their other losses.
There can be other legal disputes related to equipment leases as well.
The business leasing the equipment might have trouble with it which the business believes is the owner’s responsibility. On the other hand, the owner might claim at the end of the lease that the business misused the equipment and damaged it.
Disputes over equipment leases may require a trip to the courtroom
While businesses in Westchester County may see the merit in trying to iron out their differences outside of court, sometimes, formal legal action will be necessary to resolve a dispute over an equipment lease.
In such situations, a business will want to understand all of the legal options it can use to accomplish its goals.