Rights and Duties of a Lessee in a Leasing Contract
A leasing contract defines the roles and responsibilities of the lessee (renter) and lessor (owner). Understanding these responsibilities ensures a smooth leasing process.
Rights of a Lessee:
- Usage: Use the property or equipment according to the lease terms.
- Maintenance Assurance: Expect the lessor to maintain the property or equipment in good condition.
- Renewal/Termination: Renew or terminate the lease as specified in the contract.
Duties of a Lessee:
- Timely Payment: Pay rent on time as per the lease agreement.
- Maintenance: Keep the property or equipment in good condition, allowing for normal wear and tear.
- Compliance: Adhere to specific lease provisions, such as restrictions on alterations.
- Return Condition: Return the property or equipment in good condition at the lease term’s end.
Depending on the contract, the lessee may also need to obtain insurance, pay for utilities, or notify the lessor of necessary repairs.
Created by iax, Enhanced by AI
Proudly powered by WordPress