QUESTION: NOW THAT I HAVE A NEW RENTAL CONTRACT AND KNOW WHAT MY RIGHTS ARE, HOW DO I GO ABOUT COLLECTING WHAT I’M OWED WHEN A CUSTOMER DEFAULTS OR TEARS UP MY EQUIPMENT? TO BE HONEST WITH YOU, THE ONLY PAPER I REALLY CARE ABOUT HAS BEN FRANKLIN’S FACE ON IT. ANY SUGGESTIONS YOU CAN PROVIDE WOULD BE APPRECIATED.
Answer: In order to collect when things go badly, you only can collect the amounts to which you are legally entitled. Now that you have a legally enforceable rental contract, let’s discuss some tools for collecting what you’re owed. Here are a few things every equipment lessor should know: Get all the information you can up front. Early on in most transactions, including rentals, parties tend to be optimistic and just anxious to “get the contract signed and get started.” There will almost never be a better opportunity to obtain critical collection-related information than in this euphoric phase. So, do a little planning before you start: READ FULL ARTICLE>>