What’s in a leasing contract??

Everything should be in the contract, everything.

 

If it ain’t on paper it never happened.

 

Yes it is all in the contract. Read every word . If its not in the contract then it doesnt exist

 

It's easy.

You earn less than a company driver.

You pay taxes on everything.

And you pay even more to fix the truck, fuel same and all the issues therin. As if you were a company.

Your company just lolls back in their creaky board room recliners raking in the thousands off you.

 

This all comes from your recent experience in the trucking industry, right?

 

Contract should state rate and or percentage of pay, when pay is available. who provides and or pays what and if there’s any charge backs for services, Things like plates, Public Liability Ins. Cargo ins. General Liability Ins., if any. Fuel taxes, how they’re calculated and paid. Fleet averaged, or per Truck. Whether workman’s comp is required, if so who pays for it. or are you exempt? Depends on State Law and Company requirements. Also any trailer rental / maintenance fees required. Rider policy, insurance requirements for riders. Escroll account requirements if any. Terms of reimbursement if contract is deemed null and void, or broken by either party. Terms for breaking contract, written notice, etc. Non Trucking ( Bobtail) Ins. requirements. Method of pay. And a half dozen other things if they want. Just don’t quit till you get all the money they owe you. Regardless of what the contract states.

 

I believe the op is talking about leasing to a company, not doing a lease purchase.
Two completely different things.

 

Walk away from this immediately and don't look back!!

 

Some companies have different rates for different places.

Their lease is standardized boilerplate and refers to the addendum for actual numbers.

All the specifics regarding what is expected/demanded from the lessor and what the carrier provides in general; like the insurance coverage and the need for Non-Trucking liability [often called bobtail in error] and Physical damage coverage which is usually already required by the banking institution holding the loan/title.
Then the local specifics are listed in the addendum. The old fashioned, one-page lease we still use even has a place where any addendum, if included, is listed and/or the word none if there is no addendum...confused yet?

READ EVERYTHING!

If you do not understand any part, stop everything and get a satisfactory explanation.

NEVER sign it thinking I can read it later, this is a contract and you can be legally forced to live up to it.

When I am signing up an owner operator I point out the 'NONE' in the addendum line by joking 'there is no addendum saying we won't pay you for the third Thursday of each month'.....

WATCH OUT FOR any language regarding charging anything back; look out for the word 'recover' especially in the insurance section. There could be a clause that an insurance company WILL use saying you are liable for XX% of the damages.

My last place had an in-house lawyer and a 17 page lease with addendum(s) and had a few 'hidden' agenda's. MEGA carriers have even more lawyers and wordy leases. You have to read it and understand it or it CAN come back to bite you!