Hello Keith welcome to YT! This is a bit of an unusual post here, but one of your machines is a tractor so you qualify. I may be speaking the obvious here but I am going to say you likely have an investment of $50 to $100,000 in these machines. For you and the others involved to come out of this business engagement as happy as you went in it many things will need to be addressed in what I will call the ..rental agreement.. for your machines. I am sure I will not cover everything but I will give you an idea. Number one is who will be carrying the insurance to cover any liability for damages caused by the operation of the machine. To me that would fall onto the responsibility of the person or company renting the machine. The terms should state that you as the owner are not liable. Secondly, the rate whether by hour, day or job should be clearly defined. Third, wear and tear, damage and repairs; especially tires need to be addressed. Fuel and machine maintenance also needs covered. Say as an example the recommended service interval is 100 hours for the engine oil and filters, who is monitoring this to make sure it is adhered to to protect your investment. These should be a good starting point. In these types of arrangements whatever possibilities there are that can and will go wrong have a very good chance of entering the equation. Most likely the agreement should be looked at and approved by your lawyer. Best of luck!
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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