On Sept. 21, Oregon equipment and event rental operators had the opportunity to learn from an expert how to structure rental contracts that provide maximum protection from some of the top concerns of the moment: cancellations, Acts of God and the coronavirus (COVID-19).
James Waite, Esq., of James Waite Law, a business lawyer with more than 25 years of experience in the equipment rental industry, was the ARA of Oregon’s guest speaker for an online meeting presented to help participants protect their businesses from future risk with effective rental contracts and damage waivers.
The presentation, “Manage Risk with Effective Contracts,” covered the ins and outs of damage waivers; how to approach rental cancellations stemming from COVID-19 concerns; ways to limit your liability; and other means of enhancing the rental company protections while shifting certain costs and obligations to the renter.
Using your rental contract as a tool to reclaim assets also was discussed. This aspect of Waite’s discussion resonated with Shannon Botten, president, Botten’s Equipment & Event Rental, McMinnville, Ore., who also serves as ARA of Oregon president.
“One thing that stuck in my mind is that rental operators need to be informed on reclaiming property in their area and have the right to do that expressed in your contract,” Botten says. “Rental operators also need to be informed of what the law says because the local authorities in many counties have their own interpretation of what is okay and what is not okay in the reclamation of property.”