Leasing Term # 169 – Personal Guarantee
A Personal Guarantee is a written guarantee given by the business owner guaranteeing payment performance on a lease in the event the company defaults on the lease. Know what you need to do so you’re not held liable in case of default.
Leasing Term # 16 – Automatic Renewal
Automatic Renewal is an end of lease option that automatically renews a lease for a few or for many months. If you fail to give written notice to the leasing company during the approved Notification Period, the lease renews at the same payment as during the original lease term.
Leasing Term # 157(c) – Notification: End of Lease Notice
Part 3 of the required notices for your leases – the end of lease. At the end of an equipment lease you usually have three options: purchase, renew or return. But be careful! Slip up on your leasing company’s notification requirements and you could get stuck where you don’t want to be!
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