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Lease Term Definition Defined as the period of time in which a contracted lease is in place, lease term establishes the time period to both the lessee and lessor. Lease terms generally come on 3 forms: fixed, periodic, and indefinite. Additionally, a lease can cover either material or non-material property.
Trip leasing is when an owner-operator (or company) leases their motor vehicle to another transportation provider for a single trip. Drivers may haul loads through the carriers operating authority or their own.
Trip leasing is when an owner-operator (or company) leases their motor vehicle to another transportation provider for a single trip. Drivers may haul loads through the carriers operating authority or their own.
Some of these must-have lease arrangement details are listed below. Who is involved with the agreement? Duration of the agreement. The equipment to be used. Possession and control during the lease term. Compensation and pay rate for the owner-operator. Carrier and owner-operator legal obligation (such as insurance).
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