When setting up an event equipment rental business, it is important to establish a solid rental contract that can be used to protect your equipment and your customers. A good rental contract will include restrictions on use, as well as equipment return policies.

You should include a section that establishes penalties for equipment that is damaged during the rental period, as well as a statement that indicates your company’s responsibility for ensuring the maintenance of all rental equipment. In addition, make sure to review party equipment rental contract examples when designing your own.

What Should Be Included in a Party Rental Contract?

An event equipment rental contract should include several specific items to establish an understanding between the company and the client. The agreement and its terms should be clear to both parties. Common items included in a party equipment rental contract example include:

• Personal details of the owner and the renter
• Details of the event, such as dates and location
• Dates the equipment is to be rented for
• Any restrictions on the use of the equipment
• How the equipment is to be returned to the rental company

The event equipment rental contract spells out the agreement between the company and its customer, so both parties should have a full understanding of its terms.

Party Rental Agreement

The introduction of a party rental agreement should define who the contract is between. It should set out the introduction to the contract, establishing that the agreement is for the rental of party equipment.

Every introduction should also set out clear definitions of terms used within the agreement. Common terms include ‘Agreement,’ ‘Company,’ ‘Renter’, ‘Rental Items,’ and ‘Event.’ However, there may be other terms that should be included as well.

Parties

The parties section includes all of the identifying details of the renter and the company. Common details consist of names, addresses, phone numbers, email addresses, and any other relevant information.

This section essentially describes who is taking responsibility for the contract, as well as their full details.

Rental Information

The Rental Information section defines the details of the event that the equipment is being used for. In a party equipment rental contract example, this may include the date of the event, type of party, and the number of people expected. It should also indicate the location of the party.

Items Included in Rental

The list of items that are to be rented by the customer should be included in the list of party rental equipment. Common party items that are rented by event equipment rental companies include:

• Tents
• Tables
• Chairs
• Linen
• Chair covers
• Dishes, cutlery, and glassware
• Sound system
• Lighting
• Heating and cooling
• Staging and flooring
• Generators and power

While these are common types of equipment rented during a party, every event is different. Some parties may require all of these, while others may include only a few.

Rental Rates and Fees

The rental rates and fees section of the event equipment agreement should establish a clear definition of the rental costs of each item for the party. 

Each equipment item should be clearly defined, as well as the quantity of each. A price should be indicated for each component. The price may be charged by the day or for a certain number of hours. 

The agreement should also include a section for damaged, missing, or late equipment return fees. By including these amounts, the company will have the right to collect them should any of the equipment be damaged, lost, or otherwise abused.

Cancellation

A cancellation policy should be included in the equipment rental agreement. This part of the contract should indicate the fees that will be charged to the customer should they decide to cancel their rental. 

It should also indicate any extenuating circumstances that will result in the waiver of such fees, such as new COVID-19 restrictions or a natural disaster. 

Common policies include 50% of the contract price if an event equipment rental contract is canceled within a certain period, such as a week. 100% of the entire contract may be requested for event equipment rentals that are canceled in a shorter time frame.

Payment

Typically, equipment rental contracts will require payment of rental fees in cash, by check, or by using a credit or debit card. 

Some companies will need repayment in full prior to the event, while others will require an initial deposit and payment after the event. The company should decide upon the payment arrangements that it is most comfortable with.

In addition to covering how payments will be made, a list of fees associated with the rental should be included. Common fees included in party equipment rental contracts include:

• Cleaning of any items rented
• Assembly of event equipment
• Disassembly of event equipment
• Fees for missing items that are unreturned
• Damage fees

It’s important to make sure that all fees are properly indicated within the contract. There should be no room for misunderstandings on fees and payments.

In Witness Whereof

The final part of the agreement will include the signatures of the owner as well as the renters. The date of the signing should also be indicated.

Wrapping Up

There are many sample event rental contracts available that can be located online. You can also work with a legal advisor to develop a contract that covers all of the bases and ensures that both you and your customer are protected. 

At a minimum, your contract should include information related to the equipment that is being rented, as well as the pricing details. 

It should also discuss related fees, the dates that the equipment is being rented for, and the parties to the agreement. To ensure that the contract is valid, signatures on behalf of the renter and the rental company should be obtained.

If you own a party rental company, check out Quipli’s party rental software solutions. We offer a FREE demo for interested equipment rental company owners. Our software includes such features as equipment reservation management, inventory management, and a robust reporting module to help you make business decisions.

Need a rental contract agreement for your Party & Event Rental Business? Contact us today to purchase Quipli’s professional Contract Agreement to use for your rental business.

Contact Us Today

A study by the American Rental Association revealed that the equipment and event rental industry is expected to grow by 9.2% in 2022, 6.8% in 2023, and 4.8% in 2024. 

For companies that have suffered significant losses as a result of the COVID-19 pandemic, this is very welcome news. However, company owners must remember that ensuring the profitability of their business is paramount, and before they rent out equipment, they need to include calculating profit as a part of their business plan.

The following is a list of the ten best rental business ideas:

Wedding Event Rentals

Weddings were largely shut down during the COVID-19 pandemic, as large events were restricted due to increased regulation and an effort to contain the disease. 

As a result, we can expect pent-up demand for the wedding event rental business. A wedding event rental business is relatively easy to start, as it doesn’t require too much initial financial outlay. Essentially, things you can rent out will include tables, chairs, catering equipment, and decor. 

Party Equipment Rentals

People are always able and willing to plan parties. Similar to weddings, many large parties were postponed due to COVID-19 regulations that limited large social gatherings. 

As a result, you can expect an increase in parties as restrictions are relaxed. Common equipment rentals in the party industry include bounce houses for children, karaoke machines, tables, chairs, and catering equipment. This field is also one of the best rental business ideas since the initial investment is generally small.

Dumpster Rentals

Dumpster rentals are commonly needed, especially in areas where there are significant remodeling or construction efforts for homes or businesses. 

They are also popular for large events or at times when a significant amount of trash is expected. There are two general types of dumpster rentals — stationary and roll-away. Roll-away dumpsters are typically the most profitable since they may easily be latched onto a heavy-duty truck after use.

Car Rental Business

The car rental business can be very profitable, especially in areas close to airports and hotels or located in big cities. If you don’t want to open your own business, you can start a franchise with a corporate rental car company such as Avis Budget Group or Hertz. 

In addition to the earnings you’ll make from renting vehicles, you can also include add-ons such as GPS and car seat rentals that will bring in more money. However, car rental companies will need to perform regular maintenance on their vehicles, so it’s important to factor that into your rental prices.

Electric Scooter Rentals

Electric scooters have become one of the most popular rentals in recent years as people need a quick way to navigate around metropolitan areas without a car. There are a number of electronic scooter companies that offer franchise opportunities, or you can start your own. 

The low cost of initial investment for electric scooter rentals makes this one of the best things to rent. Make sure to add some helmets and safety gear to protect your customers and increase your revenues.

Canoe and Kayak Rentals

In areas close to rivers and streams where water activities such as canoeing and kayaking are popular, rentals of these items can be very popular. Many vacationers love water activities that involve some exercise, so locating a canoe and kayak rental company close to scenic areas with hotels nearby can be quite successful. 

In addition, the low costs of canoes and kayaks make this a relatively easy industry to break into. Things you can rent outside of canoes and kayaks in this type of business include fishing equipment and safety items such as lifejackets.

E-Bike Rental

Similar to electric scooters, e-bikes have become more popular, especially in metropolitan areas. These bikes offer the same features that a regular bicycle does, but they also include a motor and battery designed to assist riders if they get tired when on the road. 

The e-bike rental industry is also easy to get into, as the bikes themselves are fairly inexpensive. You can also invest in add-on items, such as helmets and other protective wear that can be rented to your customers.

Tool Rentals

Tool rentals can be particularly lucrative. Many people enjoy making home improvements to their property, but the cost of tools to do so can be excessive. Thus, they turn to tool rentals to minimize the expense of their home improvements. 

Investing in a tool rental business can be quite profitable, considering how many people have sought to improve their properties over the past few years. Tools are some of the best things to rent, as they have longevity and can be replaced relatively easily.

Bounce House and Waterslide Rentals

Bounce houses and waterslide rentals are popular for parties and events with children. These types of rentals are generally inexpensive and offer significant returns if the business is managed well. 

Most bounce houses and waterslide rentals do particularly well in the spring and summer seasons when the weather is warmer. In the off-seasons, you may want to have other equipment available to rent to ensure steady revenue from your equipment rental business.

AV and Camera Gear Rentals

AV and camera rentals are a great rental industry to get into. People love to rent these types of equipment to capture important moments in their lives, such as weddings and birthday parties. They are also popular with YouTube influencers and producers seeking to create content for social media. 

The outlay for a good camera can be above $1,000, making it very expensive for those who expect to use it only a handful of times. However, renting the equipment is much cheaper for customers — and one of the most profitable rentals for those who choose to offer the equipment as part of a rental business strategy.

Getting Started With Your Equipment Rental Business

If you seek to start an equipment rental business, there has never been a better time to do so. Equipment rentals are expected to grow over the next few years, and investing in a business with low barriers to entry can pay off well. 

When you’re considering the type of rental company best suited for you, it’s important to look at the profitability as well as the initial capital outlay. Quipli’s equipment rental software offers a great solution for those wanting to succeed in the equipment rental business. Contact us for a free demo today. 

Starting a equipment rental business from scratch? Learn more about the process with our guide on how to rent out equipment and learn about the top kpi for a rental business.

START A SUCCESSFUL EQUIPMENT RENTAL BUSINESS USING QUIPLI’S SOFTWARE