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If you're in the construction industry and have a new project coming up, whether it is to erect a residential building or a commercial shopping mall, you need to be ready with all the necessary paperwork in the planning phase of your construction project. This includes signing all the purchase or rental agreement related documents including the equipment rental contract.
What is an Equipment Rental Contract?
An equipment rental contract is a formal document with several components of terms and conditions provided by the construction equipment provider, which you need to sign while agreeing to abide by the given clauses. The components of the contract include the list of equipment to be rented with their description, rental duration, location, payment terms, security deposit to be paid, insurance terms, taxes, costs to be borne by the construction company, indemnity, and resolution of disputes (if any such arises). Never be in a haste to sign the rental contract.
You need to be ready with a checklist or questionnaire and see if all your needs listed there are met by signing the contract. You need to make sure that your personal survey of the equipment and the rental agreement answers all these questions in your checklist: Is the equipment best suited for your work? Is the shelf-life enough for your project? Is the equipment in good condition? It the equipment amenable to easy shipment? Is the rent affordable? Do you have enough funds for equipment repair and maintenance? And much much more...
Why Should You Prefer to Rent the Equipment?
Depending on the scale, duration, requirements, and budget of the project, you decide to contract with various vendors who provide the necessary raw materials and equipment. Considering the diverse needs of different construction projects and budget constraints, it becomes lucrative to rent construction equipment rather than buying them.
Where to Find the Right Equipment Renter?
Finding the right equipment provider for your varying construction needs is not an easy task. You can hire a renter who has a good reputation and with whom you have a good work experience. Convenience, cost, and quality are three factors which you should never compromise on.
If you're new in the business, you can carry out an online search of the available renters in your city or state who offer an optimum mix of cost, quality, and versatility. For example, if you're renting a backhoe loader, make sure it is easy to transport it from the vendor's place to your construction site.
Make sure you don't go beyond your budget by unnecessarily incurring extra charges on shipment. You also need to shortlist a few renters, compare the benefits each has to offer along with their disadvantages and then finalize on the renter you want to contract with.
When Should You Sign the Equipment Rental Agreement?
A thoroughly planned construction project down to the last detail has higher chances of getting executed without any hitch or glitch. This includes finalizing on all the vendors and equipment renters. You must finish all this paperwork before the actual work at the construction site commences. However, make sure all your needs as you've listed in your questionnaire are met by the contract agreement.
How to Make Sure All Your Needs Are Met?
Do not believe in superficial information provided on the Internet, but personally visit the equipment provider to thoroughly check the technical aspects and working condition of the equipment by taking along your expert.
After zeroing in on the equipment renter that meets all your needs, you need to thoroughly go through each and every detail given in the rental agreement before signing on the dotted line. Make sure there are no hidden clauses or loopholes that bind you legally, cost you more than you expected, or pose problems in successful completion of your project.
Who to Contact for Help?
Nowadays, there are a lot of websites available online that act as a mediator between equipment renters and those in need of equipment. Choose the one that has all the necessary details such as contact information (email ID, phone no., address, and list of clients), and is ready to provide quotations quickly. Choose a mediator website that specially caters to clients in your state. For example, if your project is based in Maharashtra, you can contact a website that connects you to the equipment owners in Maharashtra.
Consider factors such as reliability, timeliness, transparency, and cost-effectiveness before choosing the right equipment provider. You could choose a renter on a hourly basis if your project is of short term. Look out for special offers and quickly take advantage of them. Such online websites serve to ease your work by connecting you to the right renter, thus saving your time. These websites provide you an expert advice on who can serve your needs the best so that you can get the most value from the least pennies.
A questionnaire or checklist acts like a ready reckoner that helps you quickly decide whether the equipment rental contract you're about to sign is a worthy deal or not. Design it with utmost precision, but also stay flexible according to your project's practical requirements.