Equipment leases for your business allow you to lease current technology (computers, printers, servers, telephone systems), equipment, and machinery, and pay for it over time rather than making a large initial investment to purchase the equipment. Options for service and repair of the leased equipment, and periodic upgrades of the equipment are often included in equipment leases at an additional cost. Your lease payments are generally secured by the equipment, and the leasing company (lessor) will have the right to remove the equipment from your business if you fail to make the lease payments on time. And at the end of the equipment lease you may have the opportunity to purchase the equipment at an agreed price, or at a fair market value.

In Tennessee, equipment leases for businesses are contractual agreements where a business can lease technology and equipment, such as computers, printers, and machinery, and pay for it over time. This allows businesses to avoid large upfront costs associated with purchasing such equipment outright. These leases may include options for service, repair, and periodic upgrades, usually at an additional cost. Lease payments are typically secured by the equipment itself, meaning that if the business fails to make payments on time, the leasing company (lessor) has the right to repossess the equipment. Tennessee law will govern the terms of the lease and the rights and obligations of both parties. At the end of the lease term, the business may have the option to purchase the equipment at a predetermined price or at its fair market value, depending on the lease agreement. It is important for businesses to carefully review the terms of an equipment lease and consider consulting with an attorney to ensure they understand their rights and obligations under Tennessee law.