Particularly in cases of percentage of gross pay, the lease should stipulate that the lessee will provide copies of freight bills and invoices to the lessor that clearly show what the lessee is being paid for the load. Most parties know enough at the outset to check for language as to actual payments for service: Will the lessor be paid by the hub mile, all dispatched miles, percentage of load, etc? Many types of payment structures are possible. Many lease problems arise because the parties did not successfully clarify, or did not understand, the costs and payment structure in the lease. The lessee should also be prepared to provide the independent contractor with copies of applicable insurance policies that could affect the independent contractor's liability as well as any policies the independent contractor is paying for in whole or in part. The lessee should be sure to obtain proof that the lessor has obtained any required coverage. The independent contractor lessor may be required to provide additional coverage - for the vehicle as well as the tractor or trailer. In general, the motor carrier lessee will need to have general liability insurance and freight liability on the loads. The contract should cover matters such as who pays for which permits, licenses and liability insurance. Commercial lessees should also have an attorney review their contracts for compliance with the law. If possible, the independent contractor should obtain a copy of the contract in advance, examine it carefully and have an experienced attorney look it over. Both parties should also bear in mind that all of their agreements should be in writing generally the contract will control any disputes between the parties, and any verbal agreements on the side that are not in the contract will likely be unenforceable. It is important to keep these terms straight as the parties read the contract prior to signing. The owner of the equipment is the lessor and the motor carrier is the lessee. Knowing the ins and outs of these federal motor carrier regulations and checking the lease contracts for completeness and compliance with the regulations is critical to both the trucking company (the lessee) and the independent contractor/truck owner (the lessor). The federal truth in leasing law ( 49 CFR Part 376) regulates truck leases. For both commercial trucking companies and truck owners leasing their vehicles and services, it is important to know the legal basics of lease agreements.

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