Equipment Lease Cost

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 2,801 reviews

Jump to Section

Need help with an Equipment Lease?

Post Project Now

Post Your Project (It's Free)

Get Bids to Compare

 Hire Your Lawyer

What does an equipment lease cost? This is a question that is often asked by individuals who own equipment that they would like to lease for profit. So let’s explore this question and review some general information about equipment leases.

How Much Does an Equipment Lease Cost?

An equipment lease is a legally binding contract executed by the owner, called the lessor. A person who wants to use the equipment is called the lessee.

The equipment lease will include vital information about the agreement between the lessor and the lessee like:

  • Description of the leased equipment
  • Duration of the lease
  • Cost of lease

Equipment leases are standard in all fields and industries, including technology, machines, or vehicles. It is common for owners to lease the following types of equipment:

  • Earthmoving equipment like excavators
  • Computers or printers
  • Vehicles
  • Diagnostic tools
  • Furniture
  • Restaurant supplies

Equipment owners take a risk when leasing property, so they need the protection of a well-written equipment lease agreement. Many lessees choose to hire an attorney to draft this document. The equipment owner must protect themselves from loss or damages when the lessee has possession of the equipment.

A lawyer familiar with equipment leases will know what provisions must be included to protect the lessor and ensure the contract is legally binding.

Based on ContractsCounsel’s marketplace data, the average cost of a project involving an equipment lease is $787.50.

What’s Typically Included in an Equipment Lease?

The contents of an equipment lease will vary based on the industry and type of equipment. However, it is common to include the following boilerplate terms:

  • Lease Duration. The amount of time the lessee will have access to the leased equipment.
  • Equipment Market Value. The market value is important so the lessee knows the amount of insurance they need and what it would cost to replace the equipment if it is damaged or stolen.
  • Costs. The equipment lease should include terms that include the cost of the lease, payment timelines, and how payments are to be made.
  • Renewal options: If the lessee wants to keep the leased equipment longer than the lease provides, a renewal option will give guidelines on renewing the lease.
  • Cancellation Provisions. Suppose either party wants to terminate the agreement early. In that case, provisions to end the lease and any penalties for early termination should be included in a termination clause.
  • Tax Responsibility. A lessee may need to pay taxes on the equipment, depending on the signed lease type.
Meet some lawyers on our platform

Elbert T.

1 project on CC
View Profile

Max M.

105 projects on CC
View Profile

Gregory F.

2 projects on CC
View Profile

Briana C.

43 projects on CC
View Profile

Types of Equipment Leases

There are two main equipment leases: capital leases and operating leases. If you are unsure what type of lease you should use, a business lawyer can help you make the right choice.

  • Capital Lease. A capital lease agreement is a long-term equipment lease. It sometimes even includes a provision for the lessee to purchase the equipment when the lease expires. Under this lease, the lessee must maintain the equipment and pay for the taxes and insurance associated with the equipment. The lessee will record the assets and liabilities of the equipment in their balance sheet for tax purposes.
  • Operating Lease. An operating lease agreement is used for short-term equipment leases. Throughout this lease, the lessor maintains ownership of the equipment and claims the equipment on their taxes.

Examples of Equipment Lease Projects

Equipment Lease Drafting Services

Some equipment leases deal with millions of dollars of the property, so many lessors hire a lawyer to draft their equipment lease. The lawyer will know what type of lease is needed and what provisions to include to protect the lessor.

State and local laws may dictate how property can be leased and how taxes work with leased property. An experienced lawyer will be familiar with these laws and educate the lessor on these laws and tax provisions.

Equipment Lease Services

It is typically understood that contracts tend to favor the drafter. Therefore, if a lessor hires an attorney to draft an equipment lease agreement, the lessee may want to hire an attorney to review the contract.

By hiring their attorney for review services, the lessee ensures that the contract is fair and that their interests are represented. The lessee is taking on a huge responsibility when they lease an expensive piece of equipment, so they need to understand the contract and be protected.

Equipment Lease Drafting Costs

Hiring a lawyer to draft an equipment lease will incur legal fees, and the lessor will be responsible for these fees. Drafting contracts takes the time and legal expertise of a licensed lawyer. Generally, the longer and more complex the document, the higher the legal fees.

ContractsCounsel’s marketplace data shows the average equipment lease drafting costs are $816.67 across all states and industries.

Equipment Lease Review Cost

If a lessee hires a lawyer for review services, they will be responsible for the legal fees. Review costs are generally lower than drafting costs, but lawyers must still be compensated for their time.

ContractsCounsel’s marketplace data shows the average equipment lease review costs to be $700.00 across all states and industries.

How Do Equipment Lease Lawyers Charge?

Lawyers that provide drafting and review services charge clients using two common fee structures: hourly rates and flat fee rates.

Hourly Rates for Equipment Leases

Hourly rate fee agreements are one of the most common ways lawyers bill their clients. A lawyer will have a set hourly rate, and they will periodically bill their client for time spent working on the client’s case or project.

This fee structure is beneficial for lawyers because they can bill for their time and employees to ensure they are fully compensated for a job. However, clients may be wary of an hourly fee structure because it is difficult to determine how much legal services will cost until the project is complete.

ContractsCounsel’s marketplace data shows the average hourly rate for an equipment lease lawyer ranges from $200 - $350 per hour.

Flat Fee Rates for Equipment Leases

When an attorney is hired for a specific project, like drafting or reviewing an equipment lease, they may charge the client a flat rate. Instead of billing hourly, the lawyer will estimate the project time and charge the client a one-time fee. Typically, the lawyer will want this payment upfront before they begin work.

Clients tend to prefer a flat fee because they know exactly what they will be paying for an attorney’s legal services. Therefore, the lawyer must specify what the flat fee rate includes and what legal services will incur additional charges.

ContractsCounsel’s marketplace data shows the average flat fee rate for an equipment lease is $787.50.

Get Help with an Equipment Lease

Do you need help with an equipment lease project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from business lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Richard N. on ContractsCounsel
View Richard
Member Since:
July 9, 2020

Richard N.

Managing Member
Free Consultation
Get Free Proposal
Princeton, NJ
39 Yrs Experience
Licensed in NJ
New York Law School

I have been practicing law for 35 years. In addition to my law degree, I hold an MBA. I've created six companies, currently act as outside counsel to another 12, and have been an advisor to more than 500 startups and entrepreneurs.

Donya G. on ContractsCounsel
View Donya
Member Since:
July 11, 2020

Donya G.

Contract, E-Commerce Attorney & Dispute Resolution Specialists
Free Consultation
Get Free Proposal
United States
22 Yrs Experience
Licensed in CT, NY
Pace University School of Law

I am a licensed and active NY Contracts Attorney, with over 20 years of diverse legal and business experience. I specialize in reviewing, drafting and negotiating commercial agreements. My practice focuses on working with small business clients as well as clients from international brokerage firms on acquisitions, especially in the Ecommerce space; drafting, negotiating, reviewing and advising on business agreements; ; breach of contract issues, contract disputes and arbitration. I am licensed to practice in New York and Connecticut, and am a FINRA and NCDS Arbitrator. My experience includes serving as General Counsel to small businesses. This entails reviewing, updating and drafting contracts such as employments agreements, asset purchase agreements, master services agreements, operating agreements and a variety of business and commercial contracts. Additionally, I assist clients with business strategies, contract disputes and arbitration. My diverse experience allows me to give my clients a well-rounded approach to the issues they face. I have been at top AML law firms; a Vice President at an Investment Bank, a Civil Court Arbitrator presiding over cases in contract law, commercial law, a Hearing Officer, presiding over cases and rendering written decisions, and a Judicial Clerk to a Civil Court Judge. It would be a privilege to assist you and your business with my services.

Carlos C. on ContractsCounsel
View Carlos
Member Since:
July 11, 2020

Carlos C.

Attorney-at-law and Certified Public Accountant
Free Consultation
Get Free Proposal
Atlanta, GA
26 Yrs Experience
Licensed in DC, FL, GA
Inter American University

Carlos Colón-Machargo is a fully bilingual (English-Spanish) attorney-at-law and Certified Public Accountant (CPA) with over twenty years of experience. His major areas of practice include labor and employment law; business law; corporate, contract and tax law; and estate planning. He is currently admitted to practice law in Georgia, Florida, the District of Columbia and Puerto Rico and currently licensed as a CPA in Florida. He received a Master of Laws from the Georgetown University Law Center in 1997, where he concentrated in Labor and Employment Law (LL. M. in Labor and Employment Law) and a Juris Doctor, cum laude, from the Inter American University.

Michael W. on ContractsCounsel
View Michael
Member Since:
July 13, 2020

Michael W.

Attorney
Free Consultation
Get Free Proposal
Columbia, MD
11 Yrs Experience
Licensed in MD
Georgetown University Law Center

Graduate of Georgetown Law (J.D. and LL.M in Taxation) Injury Claims Adjuster before law school for top insurer Eight plus years of legal experience Past roles: Associate at premier boutique law firm in the DC metro area Policy Associate at a large academic and research institution Solo Practice Areas of Expertise: Contracts Business Formation Trusts and Estates Demand Letters Entertainment Transactions

Matthew F. on ContractsCounsel
View Matthew
Member Since:
July 13, 2020

Matthew F.

Attorney
Free Consultation
Get Free Proposal
Coral Springs, FL
19 Yrs Experience
Licensed in FL
UF Levin College of Law

As a business law attorney serving Coral Springs, Parkland, and Broward County, FL, Matthew has been recognized as “AV” rated, which is the highest rating an attorney can achieve through Martindale’s Peer Review system. Year after year Matthew is listed in the “Legal Leaders” publication as a top-rated attorney in South Florida in the areas of litigation, commercial litigation, and real estate. Matthew is also a graduate and instructor of the Kaufman Foundation’s FastTrac NewVenture Program, presented by the Broward County Office of Economic and Small Business Development.

John B. on ContractsCounsel
View John
Member Since:
July 13, 2020

John B.

Managing Partner
Free Consultation
Get Free Proposal
New York, NY
7 Yrs Experience
Licensed in NJ, NY
New York Law School

John Benemerito is the Founder and Managing Partner of Benemerito Attorneys at Law. Admitted to practice in New York and New Jersey, John represents small business owners and startups in the areas of Business and Securities Law. John received his Bachelors Degree at John Jay College of Criminal Justice where he majored in Criminal Justice. Afterwards, he attended New York Law School where he focused his studies on Corporate and Securities Law. John comes from a family of entrepreneurs. From as far back as he can remember he was always involved in his family’s numerous businesses. At the age of fifteen, John entered into a new business venture with his father and managed to grow and maintain that business through high school, college and law school.John is currently a co founder in over five different businesses. After law school, John decided that he wanted to help people like himself. He opened his own law practice and began working primarily with small business owners until he was introduced into the startup world. Ever since that time, John has worked with hundreds of startups and thousands of entrepreneurs from all different backgrounds in helping them achieve their goals. Having been an entrepreneur his entire life, John understands what it takes to create and maintain a successful business. He enjoys sitting down and working with his clients in figuring out each of their unique challenges.

Mark D. on ContractsCounsel
View Mark
Member Since:
August 27, 2020

Mark D.

Attorney
Free Consultation
Get Free Proposal
San Diego, CA
12 Yrs Experience
Licensed in CA
Boston College Law School

California-based small business attorney handling matters related to securities, mergers & acquisitions, corporate governance, and other business transactions.

Dillon N. on ContractsCounsel
View Dillon
Member Since:
July 13, 2020

Dillon N.

Associate Attorney
Free Consultation
Get Free Proposal
Chicago, IL
7 Yrs Experience
Licensed in IL, KY
University of Kentucky College of Law

I joined Enterprise Law Group, LLP as an Associate in March 2020. My practice has involved a wide range of legal matters from commercial real estate, finance and international business transactions to litigation matters including commercial disputes, personal injury and medical malpractice. Proficient in Spanish, I graduated from the University of Kentucky College of Law, the Patterson School of Diplomacy and International Commerce, and the University of Southern California. Prior to my legal career, I sought diverse professional experiences. After graduating from college, I orchestrated my own volunteering experience in southern Peru with a small non-profit organization. Later I gained valuable professional experience as part of a U.S. Senate campaign, and after that I joined the public policy team at Greater Louisville, Inc., Louisville's Chamber of Commerce affiliate. Prior to law school, I embarked on a month long excursion with the Northern Outdoor Leadership School in Alaska, which gave me a new found appreciation for sustainability.

Agnes M. on ContractsCounsel
View Agnes
Member Since:
July 13, 2020

Agnes M.

Managing Attorney
Free Consultation
Get Free Proposal
Florida
12 Yrs Experience
Licensed in FL, NJ, PA
Florida Coastal School of Law

Agnes Mombrun Geter is the Founder and Managing Attorney of Mombrun Law, PLLC. She is an experienced attorney and is a member of the Florida Bar, New Jersey Bar, and the Pennsylvania Bar. The firm's practice focuses on Estate Planning, Business Law, and Debt Settlement including IRS Debt Relief. The firm's goal is to simplify the law and provide clients with the confidence and information necessary to make their decisions. The firm also provides project-based legal services to other attorneys and law firms, along with assisting as personal counsel and local counsel on legal matters.

Richard P. on ContractsCounsel
View Richard
Member Since:
July 13, 2020

Richard P.

Solo Practioner
Free Consultation
Get Free Proposal
Elk Grove Village, IL
41 Yrs Experience
Licensed in IL
Northwestern University School of Law

Have over 40+ years of corporate and commercial law experience.

Julian H. on ContractsCounsel
View Julian
Member Since:
July 14, 2020

Julian H.

Business Attorney
Free Consultation
Get Free Proposal
Washington, DC
20 Yrs Experience
Licensed in MD
Howard University School of Law

I am a business attorney with years of experience advising individual entrepreneurs and small businesses on issues ranging from entity selection/formation to employment law compliance, to intellectual property protection and exploitation. I often act as General Counsel for my clients fulfilling the legal function as part of a team of managers. I look forward to learning more about your business and how I may be of assistance.

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call