Below are mistakes you should absolutely avoid when scouting for and finalizing your business equipment lease with a local machine or furniture supplier.
Signing very short lease contracts. Bear in mind that your contract binds you to the equipment manufacturer or supplier. Signing it indicates that you agree to all the terms and conditions stipulated in the document. And once you do so, there’s no more turning back.
This is why we constantly remind business owners, like you, to review very carefully the provisions and conditions of their respective agreements. By doing so, you can avoid having regrets, later on.
We would also like to stress that long and detailed contracts are more preferable than short and very concise ones. After all, with a long contract, you can be sure that no important condition or term has been left out from your lease agreement.
Not requesting for professional advice from a business accountant or lawyer, especially if this is your first time to get a business equipment lease. Always remember that relying only on what you know about this arrangement puts you at great risk of getting easily swayed by smooth-talking agents, who might only be interested in their personal gain.
So, as early as today, you should elect a certified public accountant or a business lawyer who can advise you before finalizing your agreement with the equipment manufacturer or supplier. Just remember not to let this professional decide for you. After all, it is you who knows your enterprise well enough to come up with a suitable business decision.
Being hesitant to ask questions. Keep in mind that being hesitant or too embarrassed to ask questions can actually work to your disadvantage. That’s because you won’t have sufficient information that will help you reach a sound decision whether or not to take out the lease being offered to you. Moreover, you might only be relying on your personal understanding of the details found in your contract which may not always be correct.
So, to avoid such problems, you should be confident enough to request for additional information, especially if some of the terms and conditions in your contract are not very clear to you. And always have the initiative to talk to your lessor so that problems can be addressed, as soon as possible.
Not taking into account the compatibility of your software and hardware requirements. Remember that each equipment or machine has its own specifications, particularly on its hardware and software requirements. So, before taking a lease from a machine supplier as well as from a software distributor, make sure that you check first the needs of the equipment you’re using. By doing so, you can avoid compatibility issues that could further delay your commercial operations.
Applying for leases that carry too-good-to-be-true features. Steer clear from leases, which come with extremely low rates, very flexible payment arrangements and options, and suspiciously-good terms. After all, companies…