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Big construction companies are always in search of state of the art technology machines and the ones that are redundant; they have to take the call to either sell it off or to give it to somebody on rent. Selling could be a good option but at times it becomes real tough to get buyers. Not everybody has enough money to spend in buying used heavy equipment and that too when they know that their project is only for a limited period of time and thereafter they may not need the equipment for the next many months. The big companies can’t sell their used machines to another big construction house. They have to look for small companies or contractors who ideally take machines on rent and once the work is over they give it back to the owner.
This ideally leads to two things. Since the owner do not require the machine and also does not want to keep it idle can make full utility of it and in turn can also earn some descent money and the taker in other hand also fulfills his requirement. Therefore it serves the dual purpose and makes life simpler for both the parties. However, there are few things that is needed to be taken care before you put the machine on rent.
Check if the machine is in good order:-
Since the machine was lying idle for days, there are high changes that the machine is not functioning as it should have been and therefore it becomes your priority to check if it is in good working condition. In case you see the equipment has become non-functional, take help of an expert mechanic to fix the machine. Try to replace all the faulty parts with new stuffs and ensure that you give the equipment in the same condition you would like to take had you been the taker. It is also important to paint the machine or remove any dents to give it a new look. Add some stickers on the dent to cover it.
Making an agreement is a must:-
When you are renting your equipment, it becomes very crucial to make an agreement putting every possible clause that keeps you on the safe side and also ensure that your equipment will be in order. You should state in the agreement that if anything goes wrong with the machine then you have full authority to charge penalty. An agreement will protect your rights and also the right of the taker. Hire an attorney who has experience in making such agreements. They may know what all clauses should be there in the agreement and will prepare the draft keeping in mind the interest of both the parties into consideration.
Make a quarterly visit to check your equipment:-
You must clearly state that you would like to make a quarterly visit to check your equipment The person who will be taking your equipment on rent will realize that you give lot of importance to your machine and this will compel him to take good care of your machine.
