Heavy equipments are very expensive and if you own it, you would definitely want to use it to the tilt. However, due to progress in technology one would rather want to go for the technologically advanced equipment and would like to sell off the old equipment or to give it on rent. If at all the machine is not that old and can fetch you a good price, it makes more sense to have that sold. However, if it’s a bit old, it may not get the price you are looking for and therefore, the next best alternative would be to give it on rent. Renting it will ensure that you get a fixed monthly earning on each and every month which will continue till the contract expires. This will keep the machine in a working condition and also makes sure that you keep on getting money without any hindrance.
Nevertheless, renting heavy equipment may have its own repercussions. There is an apprehension that the person you would be renting out may not take proper care of the machine which will deteriorate its life and it may not last long as it would have if it were with you. In order to get off from such apprehensions, there are few things which you need to do before you end up giving the heavy equipment on rent.
Give it to someone you know well:- It’s advisable to rent the equipment to people you know would take good care of your machine. There are many guys who are in need of heavy equipments and you may even find someone who will ensure that the machine remains in good order. On the other hand, you can always visit his site with the pretext to check if the machine is in order.
Hand over the user’s manual or the instruction book:- If you rent your machine to a newbie, please ensure that you also hand over the user’s manual or an instruction book to the new user. Also, give him some verbal instruction on how frequently he should service the equipment and how often it needs to be lubricated. Just in case, if they experience any problem, they can make use of the user manual and can fix things up or can even call a technician directly from the company to get it fixed.
Make a rental contract:- A rental contract helps both the giver and the taker in understanding their role in the contract. Similarly, it also protects the rights of both the parties. While preparing the contract, state all the points you find critical, such as maintaining the machine, the number of hours it should be working in a day, if there happens to be any accident due to which a part of the machine becomes faulty, it becomes the responsibility of the user to replace it or get it repaired. If only the taker agrees on all the points, you should go ahead with the deal. The duration for which the taker would be using the machine should also be stated in the contract.
Following the above points will protect the rights of both the parties and will help you rent your stuff.