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INTERNATIONAL REGISTRATION PLAN, INC. Vehicle Lease Agreements Angela Marbray, CA 2021 IRP/IFTA Managers’ and Law Enforcement Workshop 1 What is a Vehicle Lease Agreement? • A contract or arrangement in which the owner grants the use of equipment, with or without driver, for a specified period to an authorized carrier for use in the regulated transportation of property, in exchange for compensation. 2 1 Title 49,§376.12 Lease Requirements There are nine requirements that should appear in all lease agreements. General exemptions can be found under Subpart C. 3 Poll Question Does your jurisdiction have a checklist or provide training for reviewing lease agreements? 4 2 1. Parties Authorized carrier and owner shall be identified and both are required to sign the lease or by their authorized representative. 5 2. Duration The lease shall specify the time and date or circumstances on which the lease begins and ends. 6 3 3. Exclusive Possession and Responsibilities The authorized carrier lessee shall have exclusive possession, control, and use of the equipment for the duration of the lease. 7 4. Compensation The amount to be paid by the authorized carrier for equipment and driver's services shall be clearly stated on the face of the lease or in an addendum which is attached to the lease. 8 4
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