What you should watch for when buying equipment Question: I’m buying some equipment, and the shipping terms in the purchase agreement refer to “EXW Incoterms 2020.” I’m generally familiar with “Incoterms,” but I don’t really have a lot of time to study what each one means....
By James Waite Rental Management Magazine UNDERSTANDING THE NEW STIMULUS BILL; WHAT’S IN IT THAT CAN APPLY TO YOUR RENTAL BUSINESS QUESTION: A NEW STIMULUS BILL WAS JUST PASSED BY CONGRESS AND I’M TRYING TO SET ASIDE A FEW MINUTES TO READ ALL 5,000-PLUS PAGES, BUT I’D SURE LIKE TO...
By James Waite For Construction Pros Magazine ADDRESSING THE UPDATES TO MEWP REQUIREMENTS FROM A LEGAL PERSPECTIVE MEWPS ARE ONE OF THE SAFEST MEANS OF WORKING AT HEIGHT, YET THERE ARE RISKS. THESE HAD BEEN LARGELY DEALT WITH FROM A LEGAL PERSPECTIVE THROUGH AN ARRAY OF CONTRACT PROVISIONS AND...
By James Waite Rental Management Magazine PROTECTING YOURSELF FROM CUSTOMER BANKRUPTCIES QUESTION: I JUST HAD TWO LARGE CUSTOMERS FILE BANKRUPTCY. ONE OF THEM WAS MAKING PAYMENTS ON A RENTAL THAT INCLUDED AN INFORMAL PURCHASE OPTION — JUST SOME NOTES WRITTEN ON THE FACE OF A RENTAL CONTRACT; THE OTHER OWES...
By James Waite Rental Management Magazine KEEPING GOOD CUSTOMERS FROM GOING BAD WITH GUARANTEES QUESTION: SINCE THIS CORONAVIRUS (COVID-19) PANDEMIC AROSE, I’VE BEEN HAVING A TERRIBLE TIME GETTING PAID BY SOME OF MY CUSTOMERS. COLLECTIONS HAVE SLOWED AND MAINTENANCE ISN’T BEING PERFORMED AS IT SHOULD BE. I EVEN HAD A...
By James Waite Rental Management Magazine SAFELY USING ELECTRONIC SIGNATURES; ADDRESSING CONCERNS ABOUT THE ACCELERATING GROWTH OF E-COMMERCE QUESTION: MY EQUIPMENT RENTAL OPERATION IS ADOPTING AN E-COMMERCE PLATFORM, AND WE’RE WONDERING HOW SAFE AND LEGALLY ENFORCEABLE ELECTRONIC SIGNATURES ARE. WE ALSO ARE WONDERING HOW NECESSARY ALL OF THIS IS. ANY...
By James Waite Rental Management Magazine FINANCING BUSINESS SALES; HOW TO KEEP A SMALL CHANGE FROM BECOMING AN ENORMOUS HEADACHE QUESTION: I’M CONSIDERING SELLING MY BUSINESS. I HAD AGREED ON TERMS WITH A POTENTIAL BUYER, BUT AT THE LAST MINUTE, HE CHANGED THE DEAL AND NOW WANTS ME TO FINANCE...
By James Waite Equipment World Magazine HOW DEALERS SHOULD NAVIGATE THE MAZE OF MANUFACTURER PARTNERSHIPS Editor’s note: This is the first of a two-part story. Relationships between manufacturers and dealers take many forms. Some are extraordinarily collaborative and involve a great deal of mutual input regarding equipment, facilities, staffing, markets and...
By James Waite Rental Management Magazine UNDERSTANDING RIGHT-TO-REPAIR REQUIREMENTS QUESTION: I RECENTLY HEARD ABOUT A PROPOSED NEW FEDERAL RIGHT-TO-REPAIR REQUIREMENT, AND I’D LIKE TO KNOW IF YOU CAN PROVIDE ANY INFORMATION REGARDING ITS COVERAGE AND STATUS. Answer: On July 6, 2021, the White House Press Secretary announced a sweeping executive order that...
By James Waite Rental Management Magazine OBTAINING CERTIFICATES OF INSURANCE FROM VENDORS QUESTION: I’M THE CEO OF A LARGE EQUIPMENT COMPANY THAT ACTS AS A DEALER — WE BUY AND SELL FLEETS OF EQUIPMENT — BUT WE ALSO HAVE A LARGE AND GROWING RENTAL OPERATION. I AM CONSIDERING REQUESTING INSURANCE...