Understanding Your Rental Agreement for Storage Containers

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More and more people use storage containers for a variety of different things. In fact, storage container rentals are now so popular that many people have started to see them as a regular part of life. While this is not so much a problem, what is a problem is when people blindly agree to their contract without even reading it.

How often have you read the terms and conditions on the latest system update on your phone’s operating system? And how often do you purchase a piece of machinery and just put your John Hancock on the paperwork that comes with it and be on your way? This is what we all do, and most of the time, it isn’t so much of a problem. But when you spend several hundred dollars on a storage container each month, you want to make sure that you actually get value for money, and that you know what your personal rights and responsibilities are.

Reading a Rental Agreement

The most important thing to understand about rental agreements are the terms ‘lessor’ and ‘lessee’. You, as the person renting the container, are the lessee. They, as the company who rents their container to you, are the lessor. You are likely to come across these terms whenever you rent or lease something, so it is a good thing to know.

Next, the contract that you sign will be accompanied by the ‘master lease’. This document is one of convenience, as it essentially means that you both agree to all the terms and conditions that are laid out in the contract itself. Hence, you only have to negotiate on terms and conditions once. After that, they will be in place not just for the rental of the specific container you are looking for right now, but also for every time in the future that you want to rent a container from the same business. The only thing that is never permanently set out in the master lease is cost, as this varies too much on many different factors.

You must read the terms and conditions properly, therefore, since you will be bound to them, perhaps for life. Some companies don’t offer a separate master lease, but the fine print of the contract tells you that it is, in actual fact, a master lease. It is important to be aware of this because, if you are accepting poorer terms and conditions because you’re in a hurry for instance, you may be bound to them for the rest of your life as well.

If you have any doubt about the terms and conditions in your contract or master lease, do not accept delivery of the container. The minute you accept delivery, you also accept the terms of and conditions of the contract itself. This is why it is so important that you discuss contracts, paperwork, and more with the company first. That said, because storage rental is now so popular, it is uncommon to find a company that doesn’t offer good terms and conditions anyway.

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