Running a rental business can be risky as you’re trusting your customers to take care of your equipment. That’s why it’s essential to get customers to sign an equipment rental contract when they rent products from you. Contracts offer protection for both parties and give you peace of mind that your equipment will be looked after.
Of course, you can have customers review your terms and conditions and provide a verbal agreement, but you’ll benefit more from a signature. Not only is it legally binding, but it also ensures accountability and protection for both your business and its customers. So, what are the benefits of getting signatures, and how can you take them in the easiest way possible?
Five benefits of signed rental contracts
Signed contracts have many benefits, not only for you but also for your customers. They provide you with protection while giving customers a professional and trustworthy experience. This improves customer satisfaction while ensuring your equipment will be protected. Let’s look at the five benefits of signed contracts and how they affect each party.
1. Clarity and legal validity
An equipment rental contract is a legally binding agreement outlining the terms, conditions, and responsibilities of the lessor (the equipment owner) and the lessee (the renter). The signatures of both parties serve as evidence that they understand and agree to the terms laid out in the contract. This helps prevent any potential misunderstandings and ensures the contract’s legal validity.
2. Establishing accountability
Signing a contract implies a commitment to uphold the terms within it. Both parties acknowledge their respective roles and responsibilities when signing the rental agreement. This helps clearly define who is accountable for what during the rental period, thereby reducing the chances of confusion, miscommunication, and potential disputes.
3. Confirmation of agreement
In the absence of signatures, one party may claim they were unaware of specific terms or conditions. By signing the rental contract, both parties confirm that they have read, understood, and agreed to its contents. This protects the lessor’s interests and safeguards the lessee from unexpected demands or changes in the terms.
4. Protection of assets
For lessors, obtaining signatures on rental contracts is vital for protecting their valuable assets. Equipment often represents a significant investment, and with signed contracts, lessors may be able to hold lessees accountable for any damage or misuse of the rented equipment.
Signatures solidify the lessee’s commitment to return the equipment in the agreed-upon condition. This allows you to take part or all of the security deposit as outlined in your agreement to cover the costs of damages and sometimes replacement.
5. Professionalism and trust
Signing a contract demonstrates a level of professionalism and seriousness on both sides. It showcases a commitment to honoring the agreement and fosters a sense of trust between the parties involved. This is particularly important in business relationships where reputation and reliability are crucial.
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How to get contracts signed with Booqable
If you manage your rental business with Booqable, you can quickly generate contracts for any booking in your system. However, there are a couple of options for getting your contracts signed. From printing documents to getting customers to view and sign contracts on your phone or tablet with the latest version of the Booqable mobile app.
Option 1: Printing contracts
If you prefer to print contracts and have them signed by your customers, this is easy within Booqable. Simply click new contract in any order and then print. You can have your agreement printed and signed within less than a minute and have customers on their way. However, this can also be inefficient and requires investing in a printer and supplies.
Option 2: E-sign with the mobile app
In the Booqable mobile app, you can easily generate and get contracts signed on your phone or tablet within seconds. You can pull up a customer’s order and click the pen tool at the bottom. This will generate a contract and provide you with a signature pad. You can get your customer to sign it with their finger and save the signed contract.
Get started with contracts and signatures
In conclusion, obtaining signatures for equipment rental contracts is not just a formality but a critical step that brings clarity, accountability, protection, and professionalism to the rental agreement. Both lessors and lessees benefit from this practice, as it safeguards their interests and helps create a smoother, more efficient, and more trusting business relationship.
Booqable can simplify the process by allowing you to generate and get contracts signed on your mobile device quickly. You can view all signed contracts within the Booqable back office in case any issues need to be addressed.
