In some unfortunate instances, you may result in breaking your copier lease agreement. A lot of people have been asking how they can get out of their copier lease and copier leasing services contract. This is very common to businesses or companies that are not satisfied with the lease contract that they have signed.
What is the difference between a copier lease and a copier lease service agreement?
- A copier lease contract is an agreement that lets you pay partial or monthly payments on the copier to the goal of owning it or just until you want to trade your copier for a newer model.
- A copier lease service contract is an agreement that lets you sign with a service provider. This copier service agreement lets you pay for the services rendered by the machine to your business. Unlike copier lease that cannot be cancelled, a copier service agreement gives you a 30-days period for you to cancel the services if you are not satisfied with it.
Legal Ways to Terminate your Copier Lease Contract
Why do people consider breaking a copier lease contract? There can be varying reasons but it may be because the business can’t afford to pay the monthly lease or you have discovered that the copier leasing services offered to you are unfair. There can be other reasons too but what’s important is for you to know how to minimize financial risks upon getting out of your copier lease. Read on as we share to you the legal ways on how to terminate a copier lease contract.
- Read carefully the conditions that come with the cancellation of the lease contract.
Whenever you sign a contract or agreement it is a must that you read the terms and conditions carefully. There are certain clauses in the copier lease agreement that may become important if you are planning to get out of your lease contract.
- Look for copier leasing company’s possible breach of contract
There must be a valid reason why you want to stop your lease. It may be a problem with the services or the copier itself. Check if there are certain instances wherein what the copier leasing company guaranteed are not met or justified. They may have a breach of contract.
- Assumption clause
What is an assumption clause? It means that, in the instance where you no longer have the ability to shoulder the expenses of the copier, you can pass it to another company. Another company will be responsible to assume the copier’s monthly installments. The monthly expenses will be passed to the new company but the maintenance and the responsibility for the copier will still remain to your company.
- Copier lease buyout
A copier lease buyout is preferred by dealers since they do not have to buy new equipment. All they have to do is buy the copier that you no longer need. It is a win for both the dealer and the one wanting to get out of their copier lease. If you availed a two-year contract and you want to stop it after using the copier in just one year, just look for dealers to buyout your copier. Once they have bought it, the remaining lease will be transferred to them.
- Renegotiate with the Copier Leasing Company
Although once you have signed a contract it is already considered a done deal, you can still have a serious talk about it again. You can try to negotiate some terms and just pay for some penalties. Some may allow it and some may not. What’s important is for you to try and bargain.
If you have come to the point where you do not have the choice but to break the signed agreement, it is important that you settle things legally. Make sure to consult a lawyer to check all your legal options. Gather all the evidence and documents that will support your reasons for breaking the copier lease agreement. Nothing is impossible once you carefully check and examine all your options.