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What are the common mistakes people make before purchasing or leasing copier equipment?
It’s your first time shopping for a copier or negotiating a new lease for your copier equipment. If it’s your first time purchasing or leasing a copier, it can be tricky if you don’t know what to look for. This article will show you how to avoid overpayments, prevent getting stuck in restrictive clauses and understand the terms and conditions of your contract.
You may be approached by a copier salesperson who can upgrade you to a newer model and they may promise you a lower monthly payment. It may sound like a great deal, but here are some questions to consider before you sign on the dotted line:
Was old debt rolled into the new copier leasing deal?
- The payment may be lower but in the long run, you end up paying more for the same equipment.
Is the cost of maintenance service built into the copier lease?
- If the cost of the maintenance service has been built into the lease, you want to make sure that it is not increasing annually along with the lease payment. You will also want to ask whether you have any alternative solutions if you become unhappy with the quality of service, AKA can you cancel the service agreement at anytime.
Does the copier leasing contract automatically renew at the end of the term?
- You will want to look for a paragraph that requires a written termination notice and note the date so you don’t miss it. The language looks like this. “You Shall Notify us in 60 days and not more than 120 days before the end of the term that you intend to purchase or return the equipment at the end of such term……. Or this lease shall renew automatically for an additional on-year period.”
Keep in mind, a typical copier lease agreement is three to five years – this could cost you thousands of dollars even if the contract doesn’t automatically renew! These are just a few examples of the nuances that can be overlooked in your office equipment agreement and understanding how to negotiate these terms can help you to protect your company. Adding a Performance Agreement to your copier leasing agreement can alleviate some of these issues.
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