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What You Need to Know Before Getting Into Copier Lease Agreement In Oklahoma?
For a business establishment that has a limited cash flow, renting out expensive office equipment may be the only option, like a copier. Numerous organizations also prefer to lease office machinery simply to stay up with the latest technology when it becomes available in the market rather than purchasing new equipment from time to time.
Companies can also easily allocate a predictable budget plan for any specific month because of these rented out office machine. As pointed out by Entrpeneur.com, when the Equipment Leasing Association conducted a survey, as much as 35% of the total number of participants mentioned this specific benefit from leasing out office equipment.
If you have considered leasing a copy machine and have seen a copier contract agreement, you will agree that it seems like a complicated matter. With all the legalities and leasing verbiage, not to mention that you also cannot find a clause or part of the agreement that gives you the protection that you think you may need in some unfruitful event, it really is a complex piece of paper.
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So, what exactly do you need to see in that copier lease contract?
More anything else, you should be fully aware what you are agreeing with before affixing your signature on the paper’s dotted line. If needed, you should hire a lawyer to assist you in better understanding the contract or assign one of your staff to go through the entire contract and understand every clause before finally going with it.
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Operating lease? Or Capital lease?
These are the well-known lease choices being used today. Both have its own benefits and drawbacks, so the deciding aspect always boils down to the tax benefit. With this scenario, it is wise to discuss with your accountant as which option will give you a superior return
If you’ve decided which to go with, you can now get into the details of the lease agreement. Again, read through each clause on the contract and try to look for the provisions for automatic payment increase, a fair market value clause, and an evergreen lease,. Familiarize yourself with these provisions:
- Automatic payment increase means that your expenses may go up as much as 10% every year in view of the terms of the agreement.
- Evergreen provision means an automatic renewal of the said contract at the end of the lease term if you fail to inform the vendor. Most vendors need to be given a 90-day notice in writing.
- Fair market value clause means that in case you want to purchase the copier after the contract ends, most of the time, it is no more than 25% of the original price of the equipment.
- It is equally important to ask questions before signing the contract – like who will be charged for service maintenance. Last but not the least, you also need to make sure if consumables, like paper and toner, are included in the contract agreement or you need to purchase them separately. For all office equipment leasing concerns, please contact (405) 213-1035 Copier leasing Oklahoma City.
Oklahoma City, OK 73134
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