Power Shovel Lease Agreement
The power shovel is an important type of construction equipment used for digging, excavating and loading or moving large amounts of earth or fragmented rock.
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It can also be used for mineral extraction for materials such as coal. Basic parts of the equipment include including the cabin, cables, rack, boom foot-pin, saddle block, boom, boom point sheaves, and bucket. While this type of tool is quite versatile and has many applications, the price of owning it may be cost prohibitive. Many businesses decide to lease rather than renting short-term or purchasing the equipment outright. Leasing will allow for long term use, avoiding the high monthly cost of renting in the short-term. Owning this equipment would mean the business will need to lay out significant upfront capital, store the equipment, and maintain it, often making that option price prohibitive. The Power Shovel Lease Agreement app should be used by both the lessor and lessee to agree on lease terms for the heavy equipment such as rental rates, insurance policy requirements, maintenance responsibility, wear and tear limitations, deposit requirements, late fee penalties, and more.
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