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Equipment Rental and How To Get The Best Deal

 September 9, 2016  /  Comments Off on Equipment Rental and How To Get The Best Deal

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Renting equipment has many benefits. Some of the advantages are you can save money, reduce cash flow problems, virtually eliminate machine downtime, amongst other important advantages. You can hire machinery either for a DIY project at home or for your business.

You need to exercise caution when hiring machinery. Like in all businesses there will be entrepreneurs who will not be ethical and may be out to make money from you. Here is a breakdown of the rental business and what you need to watch out for.

Equipment Rental and How To Get The Best Deal

Security Deposit

Some companies will require security deposits. The rationale behind this is that some dishonest people may decide to disappear with the machinery or fail to pay in case there is extensive damage.

The deposit may be a fraction of the tool, but some companies may choose to ask you to deposit an amount equal to the value of the machine. You need to avoid the latter option. Ideally you should go for machinery that does not require any security deposit, or one that requires just a considerable fraction of that amount.

Training and Safety

Some equipment can be complex to use. Technological developments may introduce a new layer of complexity that increases the learning curve. You want your staff to be well versed in using the equipment. Lack of skill on how to use new machinery could pose risks for you, your employees and even customers.

Some companies offer free training for you and your staff. The training can help increase safety and eliminate hazards associated with using the equipment. There are different types of training offered by rental companies. Some offer hands on training, while others provide resources online that you can use to learn more about the machine.

Contract

You will be required to sign a contract that spells out the terms of service. This terms need to be understood thoroughly because they could potentially impact your business negatively. For example, for how long can you lease the machine? Can you cancel at any time or there are conditions on then you can cancel the contract?

You need to first plan how you will be using the machinery for your business. Some contracts may make it impossible to execute your plan. For example some contracts will not allow you to share the equipment with friends or neighbors. If this was part of your plan you need to establish if it will be possible before you sign the contract.

Another issue is for how long you can use the machinery at a time. Some companies may require that you pay for several months in advance. This may be in conflict with a seasonal business. You may be forced by the contract to continue using the equipment longer than you need to. That is a critical part of the contract you should establish before you sign on the dotted line.

Local Codes and Regulations

There are rules and regulation that are stipulated by the local authorities. These regulations may impose limitations on the use of certain equipment in a given area. Failure to follow these rules could lead to a hefty fine. For example, in some places self driven diesel powered equipment should not to run continuously.

Hidden Fees

When hiring equipment it is important to realize that there could be hidden fees. Some companies may introduce these fees or they could be as a result of local codes. Check the contract with the company and go over the fees with the company renting the equipment to you. You will also need to research if the equipment is subject to any additional environmental or license fees.

Written by Lindsey Rentals. Lindsey Rentals offers the best equipment rentals in Columbia, MO.

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  • Published: 1 year ago on September 9, 2016
  • Last Modified: September 12, 2016 @ 4:51 am
  • Filed Under: Business

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