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Check eligibilityWhat a rental schedule is
The master rental agreement holds the common terms. The rental schedule holds the commercial detail for one asset or set of assets, and usually records four things.
1
The asset: its description, make, model and serial numbers, the supplier and where it will be installed.
2
The cost: the price paid to the supplier, which is the base the rentals are worked out on.
3
The rentals: the amount, how often it is paid and the due dates, with GST added as applicable.
4
The tenure and start date: when the rental period begins and how many months it runs.
Some schedules also record a security deposit, the end-of-term options for that asset or any terms that differ from the master agreement.
When a schedule is signed
A rental schedule is signed each time a new asset comes under an existing master agreement. The two documents do different jobs.
WHAT CHANGES
Rental schedule
Master rental agreement
What it covers
One asset or lot: cost, rentals, dates
Common terms for every asset
When it is signed
When each asset is delivered
Once, at the start of the relationship
How many
One per asset or lot
Usually one per lessee
Changes with
Each new asset
Rarely, by amendment
How it works in a lease
With Capexo, the master rental agreement is signed first. When the equipment arrives, the lessee confirms delivery and signs the rental schedule for it, and the lessor then pays the supplier. Rentals and tenure run from the start date in that schedule.
Check it against the invoice.
The asset details and cost should match the supplier's invoice and delivery record, since the rentals and the lessor's ownership rest on them.
Track each schedule.
Every schedule has its own start and end dates. A business with several schedules should track each one's end-of-term decision separately.
Read each schedule with the master agreement, and ask which prevails if the two conflict.
Where it shows up
One agreement, two schedules, two end dates
ILLUSTRATIVE
A hospital group signed a master rental agreement last year. It now adds a ₹1.8 crore CT scanner through a rental schedule that records the scanner, its serial number and its Bengaluru site, the ₹1.8 crore cost, 60 monthly rentals and a start date of 1 November 2026, so the term ends on 31 October 2031. On 1 January 2027 it adds ₹40 lakh of patient monitors on a second schedule for 36 months, ending 31 December 2029. Its lease register now lists ₹2.2 crore of equipment across two schedules, each with its own rentals and end date.