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First of all, this does not require a consumer credit license. This is a simple agreement between to business entities. Also the company x is not in business of leasing / renting of equipment and thus it does not require such license.
If you closely hold these two companies and if it does not have chances of any disputes in future, you can use standard rent template. Or else, get it drafted by a solicitor.
I hope this helps...
the reason we are doing this is so that company x remains the owner of the equipment, so in the unfortunate event, where company y fails/becomes insolvent, company x can reclaim its property. The only creditors that company y has, is the Landlord.
Based on this a standard rent agreement is sufficient to protect company x and y in these circumstances?
Yes, more or less the standard rent agreement would suffice. However, it would be better to add a specific Clauses enabling the Company X to reclaim its property in event of Company Y failing to pay or becomes insolvent. This would suffice to protect the interests.