Equipment Hire Agreement and Hire Purchase Agreement, what’s the difference?

04 December 2023

For many businesses, access to specialist equipment or machinery is an essential factor for growth and profit increase. However, the upfront cost of purchasing the necessary equipment can be a huge drain on working capital, especially for a new or small business.

Equipment hire or purchase hire is designed to give businesses access to equipment that enables them to expand and operate more efficiently, without needing to come up with the cash up-front. Businesses have the opportunity to lease far higher-spec equipment than they would have been able to afford through a cash purchase.

Whilst some choose a simple equipment hire solution, others favour a hire purchase arrangement. With a hire agreement, the equipment belongs to the supplier and must be returned at the end of the rental period. But, with a hire purchase agreement the hirer pays monthly instalments towards the capital value of the equipment, so there is eventually a transfer of ownership to the hirer.

Below we outline some of the key differences between these two options:

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The Legal Stop

The Legal Stop is a straightforward online business using information technology for the public good. We aim to make the law and provision of legal services accessible and transparent to people and businesses alike!

 

Joint ownership of Copyright – how does it work?

09 November 2023

You may have collaborated with a colleague on a shared research project. Perhaps you worked with others to develop new software or wrote a song with a music partner. Whatever the reason, there are times when joint ownership of intellectual property will occur, if two or more parties have been involved in its creation.

Co-ownership of copyright is often viewed positively by individuals involved. It seems only fair that both parties should get equal ownership over their work. However, from a legal perspective, joint ownership of copyright can be problematic.

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The Legal Stop

The Legal Stop is a straightforward online business using information technology for the public good. We aim to make the law and provision of legal services accessible and transparent to people and businesses alike!

 

Convertible Loan Notes

10 September 2023

Convertible loans are a way for early stage companies to raise money from investors, usually ahead of a full funding round. Investors benefit by getting a discounted rate on their converted share price as a result of investing early in the company, whilst the company is able to secure investment without immediately giving away large amounts of equity.

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The Legal Stop

The Legal Stop is a straightforward online business using information technology for the public good. We aim to make the law and provision of legal services accessible and transparent to people and businesses alike!

 

Temporary Workers Terms of Engagement

01 May 2023

If you are an employment business working with temporary agency workers, you will need to supply your agency workers with terms of engagement before finding work for them.

Here is a brief overview of some requirements for taking on temporary workers, including terms of engagement.

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The Legal Stop

The Legal Stop is a straightforward online business using information technology for the public good. We aim to make the law and provision of legal services accessible and transparent to people and businesses alike!

 

Equipment Hire Agreement and Hire Purchase Agreement, what’s the difference?

29 March 2023

For many businesses, access to specialist equipment or machinery is an essential factor for growth and profit increase. However, the upfront cost of purchasing the necessary equipment can be a huge drain on working capital, especially for a new or small business.

Equipment hire or purchase hire is designed to give businesses access to equipment that enables them to expand and operate more efficiently, without needing to come up with the cash up-front. Businesses have the opportunity to lease far higher-spec equipment than they would have been able to afford through a cash purchase.

Whilst some choose a simple equipment hire solution, others favour a hire purchase arrangement. With a hire agreement, the equipment belongs to the supplier and must be returned at the end of the rental period. But, with a hire purchase agreement the hirer pays monthly instalments towards the capital value of the equipment, so there is eventually a transfer of ownership to the hirer.

Below we outline some of the key differences between these two options.

Read More

The Legal Stop

The Legal Stop is a straightforward online business using information technology for the public good. We aim to make the law and provision of legal services accessible and transparent to people and businesses alike!

 

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