How to Break a Copier Lease?
To ensure that you are aware of your rights, obligations, and opportunities, carefully review all the terms and conditions of your copier lease. Pay close attention to early termination penalties, cancellation clauses, and legal obligations specific to your state. Check for performance standard clauses that allow you to terminate the lease if the lessor fails to perform up to the legal requirements. You should also examine the service agreement, if any, to see if the servicing company failed to meet the minimum service level agreements. Look for lease assumption clauses that may allow you to transfer the obligation to another party if the leasing company permits lease assumptions, and the new party is credit-worthy.
If you signed a personal guarantee (PG), walking away from the lease may not be a good option as the PG holds the signer personally responsible for the lease terms. However, if no PG was signed, and no other options are viable, you may need to walk away from the agreement, but only as a last resort. Negotiating with your leasing company can be a viable option, especially during ups and downs in your business. Remember that a copier lease agreement is a legal contract, and the leasing company may pursue you for payment. If the contract is less than 30 days old, or you have not accepted delivery, you may be able to cancel without any issues. Always prioritize fair and open negotiations with your leasing company to ensure a positive outcome.