So, what is the coterminous lease agreement in terms of copiers and printers for your business? And is this something you should look into? Well, we'll answer these questions and more today on Business Solutions Academy brought to you by JD Young Technologies.
So, what is a coterminous lease agreement?
As the name implies, a coterminous lease agreement may have several different start dates but have all the equipment and all the leases expiring at the same time. This is similar to adding family members to your annual phone plan a few months into the original agreement, but still wanting to have all plans and at the same time.
Why would someone want to have a coterminous lease agreement for all of their office equipment?
Well, since that coterminous lease agreement all have an end date at the same time, it's easier for the leaseholder to manage one end date versus several different end dates if they have staggering agreements. The hard expiration date also can give you bargaining power. Because managing just one set of leases can enable you to make an easier decision or switch providers.
Are coterminous leases doable?
Well, sometimes they are and they may not be available at other times. For example, you may be into a 60-month lease term and need to add equipment for the remaining 10 months of the lease. Chances are that may be out of your budget to add those particular units, the cost may be prohibitive.
Well, that will do it for this video on Business Solutions Academy. For more information on coterminous leases or hundreds of other business topics, jump over to the Business Resource Center at jdyoung.com. If you happen to watch this video on YouTube, please give it a like and subscribe. My name is Dane Rogers with JD Young Technologies and we'll see you soon.