The time may come that you will be needing to break a copier lease contract. You or your business might have seen that there is no more reason for the copier to stay in your premises any longer and as much as possible you want this to go smoothly, without too much repercussion, to you or to your business. This short guide can give you some insight on how you could terminate such an agreement.
However, before anything else, do bear in mind that you are legally bound in agreement by this contract of lease and it is not easy to get out of it.
To start with, the reasons that you opted to rent a copier rather than purchasing one might have been brought about by a short-term or temporary need for a high volume duplication support. Another reason could be the lack of funds to purchase a brand-new one. Whichever your reason is, there will always come a point in time where we’d get to realize that something’s purpose to us has already ended and the only thing left to do is to terminate the agreement.
Here are some possible economic reasons why you would want to terminate the copier lease term rather than go on with it:
- Your business does not have a need for a copier machine, anymore.
- You cannot bear the additional monthly expenses any longer.
- You have figured out that another vendor is offering a more affordable lease, contact us (405) 213-1035 Copier leasing Oklahoma City.
- Your contract of lease has been renewed even before you were able to decline it. You believe that you have gotten into an unreasonable arrangement after failing to read and understand the terms and conditions of the contract of lease.
Though there is some workaround to bail out from the contract of lease, there is no guarantee for it. Bear in mind that a contract of lease is not an easy thing to break. That is also the reason why it is equally important to read and understand fully the terms and conditions before signing the contract.
When the need to terminate has come and you have to do as soon as possible, here are a few of the more efficient options that you could do:
- Stop your automatic lease renewal immediately. Almost all copier leases contain an automatic renewal clause that will try to retain you for an indefinite period of time, until you decide to be out of it.
- Negotiate with your leasing company. Open and fair negotiations often times result in a favorable agreement between two parties. Like all other businesses, many leasing companies do understand the ups and downs that most businesses are going through and there is a big chance that they are open to discuss other available options.
- Settle your balance. In the event that you urgently need to be out of the contract and you are financially capable, one option is to settle the remaining balance from your lease agreement. Just make sure to double check the agreement if there will be additional penalties in doing so; though, this is not an ideal option for businesses that might not have the necessary funds.
There are other more reasons to justify this termination of copier lease terms, and if you are seeing yourself with the situations above, then it seems fitting that you push through with your plans to get out of it. Again, what we are aiming here for is to minimize the financial impact on you and your business.