The purchase of equipment for a business can be expensive, therefore it is commonplace for technology, or large pieces of kit, for example, to be hired instead of purchased outright. This gives a business control over its cashflow, while obtaining the use of equipment that otherwise may have been out of its reach.
The hirer will be concerned that (amongst other things) it is paid on time, has the rights to recover the equipment in certain circumstances, and has a right of action should the equipment be damaged when returned. It is important therefore that a well drafted hire agreement is in place to provide the protection that the parties to the hire require.
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