It is very important for every transportation company to use a high-quality MC authority lease agreement. Otherwise, the government could reject the authority of your business and you could lose a lot of money. The purpose of an MC lease is to protect a carrier in a legal manner.
The first section of your lease agreement can define who the parties are. For example, the first party might be an authorized carrier. A second party will be the owner of the trucking and transportation equipment.
A second section in your lease can state the duration of the agreement. Most leases provide specific information about the date and time that a lease begins and ends. In this section, you might want to create a brief summary of the circumstances surrounding the lease.
Next, section three of your agreement can address ownership responsibilities. This means that one party will have temporary legal ownership of the equipment listed in the agreement. Be clear that the carrier lessee will maintain control, use, and possess the equipment and take full responsibility of ownership throughout the duration of the lease.
Section four of the MC authority lease agreement addresses compensation. Make sure that you include the exact financial terms of your agreement in the lease. This section should specify that a specific amount of money will get paid by a party to the authorized MC carrier.
Then, section five of your agreement can instruct the lessee to return the equipment and receive a receipt. For example, the agreement can state that once the lease reaches termination, equipment must get returned in excellent condition. Then, a receipt will be provided to the carrier.
Section six of your MC authority lease agreement template can focus on the process of supplying the freight bill and all related freight documents. These actions have to take place during or before the time of settlement. This is when a copy of the freight bill will get provided.
The final section of your lease agreement goes over insurance. The carrier must agree to maintain specific insurance coverage. Defining the insurance coverage terms for a party is an official FMCSA policy.
Do you need more information about how to draft an MC authority lease agreement? If so, please go to FMCSARegistration.com. Our third-party organization specializes in providing full-scale MC authority lease agreement solutions to customers all across the United States.
If you have questions about forming an agreement, do not hesitate to give our FMCSA compliance experts a phone call at 866-477-0707. We are standing by to help you and your company prepare a world-class lease agreement.
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