GSC Lease LLC Standard Terms and Conditions
Last Updated: January 1, 2026
These Standard Terms and Conditions (“Terms”) apply to all rentals and leases of equipment from GSC Lease LLC, an Illinois limited liability company (“GSC Lease,” “Lessor,” “we,” or “us”). These Terms are incorporated into and form a material part of every lease, rental agreement, rate agreement, invoice, electronic agreement, or related document (collectively, the “Lease”).
IMPORTANT: THESE TERMS CONTAIN LIMITATIONS OF LIABILITY AND A WAIVER OF JURY TRIAL.
If the Lessee retains the Equipment beyond the agreed term:
3. Authority & Electronic Acceptance By submitting an application, signing electronically, taking possession of the Equipment, or making any payment, the Lessee confirms it has full authority to bind the business entity. Electronic signatures are valid and enforceable under the Illinois Uniform Electronic Transactions Act (815 ILCS 333).
4. Condition, Possession, and Return) Acceptance By taking possession, the Lessee acknowledges that the Equipment is in good working condition unless specific exceptions are noted in writing at the time of pickup.
b) Responsibility The Lessee has exclusive possession, control, and responsibility for the Equipment during the entire Lease term.
c) Return Equipment must be returned:
d) Inspection GSC Lease’s inspection upon return is final and conclusive as to the condition of the Equipment.
5. Payment Terms: Invoices are due within ten (10) days of issuance unless otherwise stated in writing.
b) Late Payments Past-due amounts accrue interest at the lesser of 18% per annum or the maximum rate permitted under Illinois law.
c) Failed Payments Returned or rejected payments incur a $100 administrative fee.
d) Payment Methods Payments must be made via wire transfer, ACH, Zelle, certified funds, or other methods approved by GSC Lease. Credit cards are not accepted unless pre-approved in writing.
e) Credit Reporting The Lessee acknowledges and agrees that if the final invoice or any outstanding Use Charges remain unpaid after the due date, or if the Lessee breaches the Lease, GSC Lease (or its affiliate/sister company VBI Logistics) may submit a FreightGuard report through Carrier411. This action protects GSC Lease’s interests and informs other participants in the transportation industry.
6. Security Deposits: GSC Lease may require a security deposit at its sole discretion. The deposit:
The Lessee is responsible for:
10. Insurance Requirements: The Lessee must maintain the following insurance with carriers acceptable to GSC Lease for the entire Lease term:
11. Indemnification: To the fullest extent permitted by Illinois law, the Lessee shall indemnify, defend, and hold harmless GSC Lease LLC, its members, managers, employees, and agents from any claims, damages, losses, liabilities, fines, penalties, or attorney’s fees arising from:
13. Taxes & Regulatory Compliance: The Lessee is responsible for all sales, use, property taxes, registration fees, permits, DOT/FMCSA compliance, tolls, tickets, and impound fees.
14. No Ownership; Liens: The Equipment remains the sole property of GSC Lease at all times. The Lessee may not place any liens on the Equipment and must immediately discharge any liens that arise.
15. Default: The Lessee is in Default if:
16. Repossession: Upon Default, GSC Lease may enter lawful premises to recover the Equipment. The Lessee is responsible for all repossession, storage, and recovery costs.
17. Governing Law; Venue; Jury Trial Waiver This Lease is governed by the laws of the State of Illinois. Any disputes shall be brought exclusively in state or federal courts located in Cook County or Kane County, Illinois.
BOTH PARTIES IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY in any action arising out of or related to this Lease.
18. Entire Agreement: These Terms and the Lease constitute the entire agreement between the parties. Any amendments must be in writing and signed by GSC Lease.
19. Survival: Provisions regarding payment, indemnification, limitation of liability, repossession, credit reporting, and governing law survive termination of the Lease.
Last Updated: January 1, 2026
These Standard Terms and Conditions (“Terms”) apply to all rentals and leases of equipment from GSC Lease LLC, an Illinois limited liability company (“GSC Lease,” “Lessor,” “we,” or “us”). These Terms are incorporated into and form a material part of every lease, rental agreement, rate agreement, invoice, electronic agreement, or related document (collectively, the “Lease”).
IMPORTANT: THESE TERMS CONTAIN LIMITATIONS OF LIABILITY AND A WAIVER OF JURY TRIAL.
- 1. Definitions "Equipment” means any trailer, refrigerated trailer, chassis, truck, or related equipment rented or leased from GSC Lease, including all accessories and attached components.
- “Lessee” means the business entity entering into the Lease, including its employees, drivers, contractors, and agents.
- “Use Charges” means all amounts owed under the Lease, including rent, deposits, mileage (if applicable), repair costs, damage charges, administrative fees, taxes, and any other amounts due.
- “Default” means any event described in Section 15.
If the Lessee retains the Equipment beyond the agreed term:
- The rental automatically converts to a month-to-month basis at current market rates, or
- GSC Lease may demand immediate return of the Equipment.
3. Authority & Electronic Acceptance By submitting an application, signing electronically, taking possession of the Equipment, or making any payment, the Lessee confirms it has full authority to bind the business entity. Electronic signatures are valid and enforceable under the Illinois Uniform Electronic Transactions Act (815 ILCS 333).
4. Condition, Possession, and Return) Acceptance By taking possession, the Lessee acknowledges that the Equipment is in good working condition unless specific exceptions are noted in writing at the time of pickup.
b) Responsibility The Lessee has exclusive possession, control, and responsibility for the Equipment during the entire Lease term.
c) Return Equipment must be returned:
- To the designated return location
- Clean, empty, and free of debris
- In the same condition as received (normal wear and tear excepted)
d) Inspection GSC Lease’s inspection upon return is final and conclusive as to the condition of the Equipment.
5. Payment Terms: Invoices are due within ten (10) days of issuance unless otherwise stated in writing.
b) Late Payments Past-due amounts accrue interest at the lesser of 18% per annum or the maximum rate permitted under Illinois law.
c) Failed Payments Returned or rejected payments incur a $100 administrative fee.
d) Payment Methods Payments must be made via wire transfer, ACH, Zelle, certified funds, or other methods approved by GSC Lease. Credit cards are not accepted unless pre-approved in writing.
e) Credit Reporting The Lessee acknowledges and agrees that if the final invoice or any outstanding Use Charges remain unpaid after the due date, or if the Lessee breaches the Lease, GSC Lease (or its affiliate/sister company VBI Logistics) may submit a FreightGuard report through Carrier411. This action protects GSC Lease’s interests and informs other participants in the transportation industry.
6. Security Deposits: GSC Lease may require a security deposit at its sole discretion. The deposit:
- Is not a limitation of the Lessee’s liability
- May be applied to any unpaid Use Charges
- Will be returned (or any balance refunded) after final inspection and reconciliation
- Operate the Equipment in compliance with all applicable federal, state, and local laws
- Maintain the Equipment in safe operating condition
- Perform all required DOT inspections and maintenance
- Immediately notify GSC Lease of any accident or mechanical failure
- Use the Equipment for unlawful purposes
- Transport hazardous materials without prior written approval
- Alter or modify the Equipment without GSC Lease’s written consent
- Remove any identifying markings or decals
The Lessee is responsible for:
- Tire damage or wear
- Brake wear beyond normal limits
- Structural damage
- Missing parts
- Contamination or hazardous material cleanup
- The fair market replacement value as determined by GSC Lease
- All unpaid Use Charges
- Recovery, towing, storage, and administrative costs
10. Insurance Requirements: The Lessee must maintain the following insurance with carriers acceptable to GSC Lease for the entire Lease term:
- Auto Liability: Minimum $1,000,000 combined single limit
- Physical Damage: Full replacement value of the Equipment
- Loss Payee
- Additional Insured
- Certificate Holder
11. Indemnification: To the fullest extent permitted by Illinois law, the Lessee shall indemnify, defend, and hold harmless GSC Lease LLC, its members, managers, employees, and agents from any claims, damages, losses, liabilities, fines, penalties, or attorney’s fees arising from:
- Use or operation of the Equipment
- Injury, death, or property damage
- Cargo damage
- Regulatory violations
- Tolls, tickets, or fines
- Environmental contamination
13. Taxes & Regulatory Compliance: The Lessee is responsible for all sales, use, property taxes, registration fees, permits, DOT/FMCSA compliance, tolls, tickets, and impound fees.
14. No Ownership; Liens: The Equipment remains the sole property of GSC Lease at all times. The Lessee may not place any liens on the Equipment and must immediately discharge any liens that arise.
15. Default: The Lessee is in Default if:
- Any payment is late
- Insurance lapses or is insufficient
- Any term of the Lease is breached
- Bankruptcy or insolvency proceedings are filed
- Equipment is not returned when due
- Repossess the Equipment (without court order where permitted by law)
- Accelerate all remaining payments
- Charge collection costs and attorney’s fees
- Apply any security deposit
- Submit a FreightGuard report through Carrier411 (via VBI Logistics or directly)
- Seek injunctive relief
16. Repossession: Upon Default, GSC Lease may enter lawful premises to recover the Equipment. The Lessee is responsible for all repossession, storage, and recovery costs.
17. Governing Law; Venue; Jury Trial Waiver This Lease is governed by the laws of the State of Illinois. Any disputes shall be brought exclusively in state or federal courts located in Cook County or Kane County, Illinois.
BOTH PARTIES IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY in any action arising out of or related to this Lease.
18. Entire Agreement: These Terms and the Lease constitute the entire agreement between the parties. Any amendments must be in writing and signed by GSC Lease.
19. Survival: Provisions regarding payment, indemnification, limitation of liability, repossession, credit reporting, and governing law survive termination of the Lease.
STANDARD TERMS AND CONDITIONS
LEASE CONTACT FORM
