Equipment Lease Agreement (Page 2 of 2) in pdf

Instruction for Completing Equipment Lease Form

Your lease must be approved by the UTC before you operate the leased vehicle.

To request approval from the UTC of an equipment lease you must:

Complete this form, including signature and date, or an alternate form that contains all of the

required information.

Submit the completed form, in duplicate, to the UTC. Incomplete forms will be returned. If

your lease is approved, an approved copy will be returned to you.

Lease Requirements---Lessee must:

Have complete possession, control and use of the vehicle during the lease period;

Be in complete control of all permit operations;

Provide liability, property damage, and cargo insurance for the vehicle;

Ensure that the driver of the leased vehicle is an employee;

Ensure that the vehicle is properly identified

Comply with all safety rules and regulations;

Bill and collect proper tariff rates and charges;

Ensure that a copy of the approved lease is carried in all leased vehicles and a copy given to

the owner of the vehicle;

Keep a copy of the lease for one year past its expiration date

To complete this form:

Part 1 - Company Lease Vehicle/Lessee

List the name and address of the company and its current household goods permit number.

Part 2 – Company Owning the Vehicle

List the name and address of the company who owns the vehicle.

Part 3 – Vehicle Being Leased

Enter information about the vehicle to be leased: Make and year; identification number and

license number.

Part 4 – Period of Lease

Enter the date the lease will begin and the date the lease will terminate or check the box if the

lease will be in effect “until cancelled”.

Part 5 – Compensation

This lease is for equipment only. The basis for compensation may be a set amount per day,

week or month, or a percent of the revenue that the vehicle generates. Compensation should

be adequate to cover the expenses of the lessor. The driver of the leased vehicle must be an

employee of the lessee and must be on the payroll of the lessee. Show in each box how

compensation will be paid for both the use of the vehicle and the driver.

Part 6 – Lessee/Lessor Expense Agreement

Place a check mark next to each item indicating whether the lessee or lessor is responsible for

the expenses listed. If there are other expenses, list under “Other” and explain.

Part 7 – Certification by Leasing Parties

Both parties to the lease must sign and date the form.

Master Leases – Master Leasing is written leasing agreement between two permitted carriers which

provides for the occasional use of equipment of one company by the other company. Master leasing

does not require exclusive use of the lessor’s equipment. All of the leasing requirements show above

(except for Part 2) applies to the lessee during the term of a master lease. An Equipment Lease

Agreement form (with an attached equipment list, if required) must be approved by the commission

before entering into a Master Leave Agreement.

Equipment Lease Agreement Page 2

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