Owner-Operator Lease Agreement Template: Equipment & Payment

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Owner-Operator Lease Agreement Template

This Owner-Operator Lease Agreement (“Agreement”) is made as of [Date] between:

Motor Carrier / Company (“Carrier”)

Legal Name: [Carrier Legal Name]

Entity Type: [Entity Type]

Address: [Street Address]

City, State/Province, ZIP/Postal Code, Country: [City, State/Province, ZIP/Postal Code, Country]

Phone: [Phone Number]

Email: [Email Address]

(“Carrier”)

and

Owner-Operator (“Contractor”)

Name or Business Name: [Owner-Operator Legal Name]

Address: [Street Address]

City, State/Province, ZIP/Postal Code, Country: [City, State/Province, ZIP/Postal Code, Country]

Phone: [Phone Number]

Email: [Email Address]

Tax ID / SSN / EIN: [Tax ID]

(“Contractor”).

Carrier and Contractor may be referred to individually as a “Party” and together as the “Parties”.

1. Purpose and Relationship

1.1 Purpose. Contractor agrees to provide motor vehicle equipment and driving services to Carrier for the transportation of freight, and Carrier agrees to use Contractor’s services, on the terms set out in this Agreement.

1.2 Independent Contractor Status. The Parties intend that Contractor is an independent contractor, not an employee, agent, or partner of Carrier. Nothing in this Agreement is to be interpreted as creating an employment relationship, joint venture, or partnership.

1.3 Authority. Carrier holds or uses transportation authority under applicable law and regulations. Contractor agrees to operate under Carrier’s authority only as permitted by this Agreement and applicable law.

2. Equipment Description

2.1 Primary Truck / Tractor. Contractor makes available to Carrier the following equipment (the “Equipment”):

Unit Type: [Tractor / Straight Truck / Other]
Make: [Make]
Model: [Model]
Year: [Year]
Color: [Color]
VIN: [VIN]
License Plate Number and State/Province: [Plate Number and Jurisdiction]

Unit Type: [Tractor / Straight Truck / Other]

Make: [Make]

Model: [Model]

Year: [Year]

Color: [Color]

VIN: [VIN]

License Plate Number and State/Province: [Plate Number and Jurisdiction]

2.2 Additional Equipment. If applicable, the Equipment includes:

Trailer Type and Number: [Trailer Description]
Other Equipment: [Reefer Unit / Liftgate / Chains / Straps / Tarps / Dollies]

Trailer Type and Number: [Trailer Description]

Other Equipment: [Reefer Unit / Liftgate / Chains / Straps / Tarps / Dollies]

2.3 Ownership. Contractor represents that Contractor is the legal owner or authorized lessee of the Equipment and has the right to enter into this Agreement.

3. Term and Territory

3.1 Term. This Agreement begins on [Start Date] and continues until [End Date] or until terminated under Section 13.

3.2 Territory. Contractor may be dispatched to haul loads within the following territory: [Territory Description]. Contractor agrees to operate within this territory and any additional areas mutually agreed in writing.

4. Use, Possession, and Control

4.1 Exclusive Possession and Control for Regulatory Purposes. For regulatory purposes, Carrier may be considered to have exclusive possession, control, and use of the Equipment during trips dispatched by Carrier, as required by applicable law. This does not change the independent contractor relationship between the Parties.

4.2 Dispatch and Acceptance of Loads. Carrier may offer loads to Contractor, and Contractor may accept or decline such loads in accordance with Carrier’s dispatch policies: [Dispatch Policy Summary].

4.3 Identification and Markings. Contractor shall display Carrier’s required identification, placards, or markings on the Equipment when operating under Carrier’s authority and shall remove or cover them promptly when not operating for Carrier.

5. Compensation and Settlements

5.1 Compensation Basis. Carrier shall compensate Contractor for services performed under this Agreement on the following basis:

Rate Type: [Per Mile / Percentage of Revenue / Flat Rate / Other]
Base Rate: [Rate Details]
Accessorial Pay: [Detention / Layover / Stop Pay / Other]

Rate Type: [Per Mile / Percentage of Revenue / Flat Rate / Other]

Base Rate: [Rate Details]

Accessorial Pay: [Detention / Layover / Stop Pay / Other]

5.2 Payment Schedule. Carrier shall prepare settlement statements and pay Contractor on the following schedule:

Settlement Frequency: [Weekly / Biweekly / Other]
Payment Method: [Direct Deposit / Check / Other]

Settlement Frequency: [Weekly / Biweekly / Other]

Payment Method: [Direct Deposit / Check / Other]

5.3 Settlement Details. Each settlement statement shall show at least:

Loads or trips covered;
Gross revenue or rates;
Deductions and chargebacks;
Net amount due to Contractor.

Loads or trips covered;

Gross revenue or rates;

Deductions and chargebacks;

Net amount due to Contractor.

6. Deductions and Chargebacks

6.1 Permitted Deductions. Carrier may deduct from Contractor’s settlements only those amounts authorized in this Agreement or in a signed written addendum, including:

Advances paid to Contractor;
Fuel, tolls, or other items Carrier agreed to pay on Contractor’s behalf;
Insurance premiums paid by Carrier for Contractor’s benefit;
Fees, fines, or damage costs attributable to Contractor under this Agreement.

Advances paid to Contractor;

Fuel, tolls, or other items Carrier agreed to pay on Contractor’s behalf;

Insurance premiums paid by Carrier for Contractor’s benefit;

Fees, fines, or damage costs attributable to Contractor under this Agreement.

6.2 Notice of Deductions. All deductions shall be itemized on the settlement statement. Contractor may request reasonable supporting documentation.

6.3 Negative Balances. If deductions exceed earnings in any period, the deficit may be carried forward and deducted from future settlements, or invoiced to Contractor, as permitted by law.

7. Escrow / Reserve (If Used)

7.1 Escrow Account. If the Parties agree to an escrow or reserve account, Carrier may withhold the following amount from settlements:

Escrow Amount: [Currency and Amount]
Escrow Funding Method: [Per-Mile / Per-Load / Flat Amount Per Settlement]

Escrow Amount: [Currency and Amount]

Escrow Funding Method: [Per-Mile / Per-Load / Flat Amount Per Settlement]

7.2 Use of Escrow. Escrow funds may be applied to unpaid obligations of Contractor under this Agreement, including damage, unpaid deductibles, and unreturned equipment, as permitted by law.

7.3 Return of Escrow. Any remaining escrow balance shall be returned to Contractor within [Number] days after termination of this Agreement and settlement of all outstanding obligations.

8. Fuel, Tolls, and Operating Expenses

8.1 Contractor Expenses. Unless otherwise stated, Contractor is responsible for:

Fuel and DEF;
Oil and routine fluids;
Tolls, scales, and parking;
Permits not specifically paid by Carrier;
Communications and related operating expenses.

Fuel and DEF;

Oil and routine fluids;

Tolls, scales, and parking;

Permits not specifically paid by Carrier;

Communications and related operating expenses.

8.2 Carrier Programs. If Contractor participates in Carrier’s fuel card, toll, or discount programs, Contractor authorizes Carrier to deduct related charges from settlements as set out in Section 6.

9. Insurance and Liability

9.1 Carrier Insurance. Carrier will maintain primary liability insurance required for operation under its authority when Contractor hauls loads dispatched by Carrier. Coverage details: [Carrier Coverage Summary].

9.2 Contractor Insurance. Contractor shall maintain at Contractor’s expense:

Physical damage insurance on the Equipment: [Coverage Limits / Deductible];
Non-trucking or bobtail liability (if required): [Coverage Details];
Occupational accident or workers’ compensation coverage (if required): [Coverage Details].

Physical damage insurance on the Equipment: [Coverage Limits / Deductible];

Non-trucking or bobtail liability (if required): [Coverage Details];

Occupational accident or workers’ compensation coverage (if required): [Coverage Details].

Proof of coverage shall be provided to Carrier and kept current.

9.3 Cargo and Claims. Carrier will maintain cargo insurance as required under its authority. Contractor is responsible for losses, shortages, or damage to cargo to the extent caused by Contractor’s negligence, misconduct, or violation of instructions, subject to law and any applicable coverage.

9.4 Indemnity. To the extent permitted by law, Contractor shall indemnify and hold Carrier harmless from losses, claims, or liabilities arising from Contractor’s negligence, violation of law, or breach of this Agreement, except to the extent caused by Carrier’s own negligence or willful misconduct.

10. Maintenance, Inspection, and Safety

10.1 Maintenance Responsibility. Contractor is responsible for maintaining the Equipment in safe, roadworthy condition and in compliance with all applicable inspection and maintenance requirements.

10.2 Inspections. Contractor shall perform and document required pre-trip and post-trip inspections and periodic inspections, and shall promptly correct any defects that could affect safe operation or legal compliance.

10.3 Safety and Compliance. Contractor shall:

Comply with all applicable traffic laws, safety regulations, and hours-of-service rules;
Maintain accurate logs and records as required;
Report accidents, citations, and safety incidents to Carrier promptly.

Comply with all applicable traffic laws, safety regulations, and hours-of-service rules;

Maintain accurate logs and records as required;

Report accidents, citations, and safety incidents to Carrier promptly.

11. Cargo Handling and Operational Rules

11.1 Cargo Handling. Contractor shall load, secure, transport, and unload cargo in accordance with Carrier’s instructions, shipper and receiver requirements, and applicable securement laws.

11.2 Equipment Return Between Loads. When not on a dispatched load, Contractor shall follow Carrier’s instructions regarding parking, storage, and availability of the Equipment.

11.3 Prohibited Conduct. Contractor shall not transport unauthorized passengers, illegal cargo, or hazardous materials not authorized by Carrier. Contractor shall not operate the Equipment under the influence of alcohol, drugs, or other impairing substances.

12. Records and Audit Rights

12.1 Contractor Records. Contractor shall retain records of logs, inspections, maintenance, and other documents relating to services under this Agreement for at least [Number] years or as required by law.

12.2 Carrier Review. Carrier may request and review relevant records to verify compliance with this Agreement and applicable regulations.

13. Termination

13.1 Termination by Either Party. Either Party may terminate this Agreement without cause by giving [Number] days’ written notice to the other Party.

13.2 Immediate Termination. Carrier may terminate this Agreement immediately upon written notice if Contractor:

Operates in a reckless or unsafe manner;
Fails to maintain required insurance or licenses;
Engages in fraud, theft, or serious misconduct;
Commits a material breach of this Agreement that is not cured within [Number] days after written notice (if curable).

Operates in a reckless or unsafe manner;

Fails to maintain required insurance or licenses;

Engages in fraud, theft, or serious misconduct;

Commits a material breach of this Agreement that is not cured within [Number] days after written notice (if curable).

13.3 Obligations on Termination. Upon termination:

Contractor shall promptly return all Carrier property, identification, placards, permits, and documents;
Contractor shall deliver any cargo in transit as directed or cooperate in safe transfer;
The Parties shall complete a final settlement within [Number] days, including deductions, chargebacks, and any escrow reconciliation.

Contractor shall promptly return all Carrier property, identification, placards, permits, and documents;

Contractor shall deliver any cargo in transit as directed or cooperate in safe transfer;

The Parties shall complete a final settlement within [Number] days, including deductions, chargebacks, and any escrow reconciliation.

14. Governing Law and Dispute Resolution

14.1 Governing Law. This Agreement is governed by the laws of [State/Province, Country], without regard to conflict-of-law rules, except to the extent preempted by applicable federal or national law.

14.2 Dispute Resolution. The Parties shall first attempt to resolve disputes through good-faith discussions. If not resolved, disputes may be submitted to [mediation / arbitration / court] in [City, State/Province, Country], as specified here: [Dispute Resolution Method].

15. Miscellaneous

15.1 Entire Agreement. This Agreement, together with any written addenda, constitutes the entire agreement between the Parties concerning the subject matter and supersedes all prior oral or written agreements on the same subject.

15.2 Amendments. Any amendment or modification must be in writing and signed or clearly agreed by both Parties.

15.3 Assignment. Contractor may not assign this Agreement or subcontract transportation services without Carrier’s prior written consent. Carrier may assign this Agreement to an affiliate or successor, subject to applicable law.

15.4 Notices. Formal notices under this Agreement shall be sent to the addresses or emails listed at the beginning of this Agreement, or to updated contact details provided in writing.

15.5 Severability. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

15.6 Counterparts and Electronic Signatures. This Agreement may be signed in counterparts and by electronic signature. Each signed counterpart is deemed an original, and all counterparts together form one instrument.

16. Signatures

By signing below, the Parties acknowledge that they have read this Agreement and agree to be bound by its terms.

Carrier

Signature: _______________________________

Name: [Authorized Signatory Name]

Title: [Title]

Date: [Date]

Contractor (Owner-Operator)

Signature: _______________________________

Name: [Owner-Operator Name]

Title (if business entity): [Title]

Date: [Date]

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Owner-Operator Lease Agreement Template: Equipment & Payment

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Frequently asked · Trucking · Truth-in-Leasing

Owner-Operator Lease Agreement · What the federal Truth-in-Leasing rules require, and where DIY leases go wrong

Eight questions to settle before an owner-operator and a motor carrier sign a lease. In interstate trucking this is not an ordinary contract: the federal Truth-in-Leasing rules (49 CFR Part 376) dictate what the lease must say about possession and control, compensation, chargebacks, escrow, insurance, and receipts. Below the FAQ: sample clauses for each FMCSA-required provision and a callout on the worker-classification risk that sends carriers to court.

Interstate trucking · Owner-operator lease-on 49 CFR Part 376 Truth-in-Leasing checked Worker-classification risk flagged Reviewed July 2026

01 Basics

What is an owner-operator lease agreement?

An owner-operator lease agreement is a written contract in which a driver who owns their own truck (the owner-operator) leases that equipment, and their services driving it, to a motor carrier that holds the operating authority under which the freight moves.

It is the standard "lease-on" arrangement in US trucking: the owner-operator keeps title to the tractor and runs as an independent business, but hauls under the carrier's DOT authority, insurance, and customer contracts. The lease sets the pay basis (per mile, percentage of revenue, or flat rate), who bears fuel and maintenance, how settlements are calculated, what can be charged back, whether an escrow is held, and how either side ends the relationship. Because the freight crosses state lines under a carrier's authority, the document is not just a private deal, it is a federally regulated instrument.

02 Why it matters

What do the FMCSA "Truth-in-Leasing" rules require?

For equipment leased to an authorized carrier in interstate commerce, the federal Truth-in-Leasing regulations at 49 CFR 376.12 require the lease to be in writing, signed by both parties, and to contain a specific list of provisions. A handshake or a bare independent-contractor form does not satisfy Part 376.

At a minimum, 49 CFR 376.12 requires the written lease to state:

The parties (carrier and equipment owner), signed by both
The time and date the lease begins and ends (coinciding with when receipts are given), with the carrier in exclusive possession, control, and use of the equipment for the lease term
Compensation stated on the face of the lease or an attached addendum, given to the owner-operator before the trip
Every item the carrier may charge back and how each is computed, plus copies of the documents behind each charge
That the owner-operator is not required to buy products, equipment, or services from the carrier as a condition of the lease
Rules for any escrow fund, insurance, receipts, and that a copy of the lease rides in the vehicle

03 Key clause

What is the "exclusive possession and control" clause, and why is it there?

49 CFR 376.12(c)(1) requires the lease to say the carrier has exclusive possession, control, and use of the equipment for the lease term and assumes complete responsibility for its operation. This is the single most misunderstood clause in the whole document.

The clause exists for safety and public-liability reasons: it makes the carrier answerable to the public and to regulators for the truck while it runs under the carrier's authority, so an injured member of the public is not left chasing a lightly insured individual driver. Critically, the regulation itself now clarifies that this required "control" language is a matter of federal safety responsibility and does not, by itself, decide whether the owner-operator is an employee or an independent contractor for other purposes. Carriers still get this wrong, arguing the mandatory clause proves an employment relationship, or drivers arguing it proves control, when the regulation says it settles neither.

04 Money

How must compensation and chargebacks be handled?

The pay must be clearly stated on the face of the lease (or an attached addendum), delivered to the owner-operator before the trip, and paid within 15 days of submitting the delivery paperwork. Every deduction the carrier can make must be spelled out, with how it is computed.

Two transparency rules under 49 CFR 376.12 do most of the work here:

Percentage-of-revenue pay. If the owner-operator is paid a percentage of the load, the lease must give them the right to see a copy of the rated freight bill (or the tariff / rate documents), so they can verify the percentage is applied to the real number, not a discounted one.
Chargebacks. The lease must list every item the carrier may pay first and then deduct (fuel advances, insurance, tolls, damage), recite how each amount is figured, and give the owner-operator the underlying documents needed to check that the charge is valid.

05 Escrow

What are the rules on escrow and maintenance-reserve funds?

If the carrier holds back an escrow or "maintenance" fund, 49 CFR 376.12(k) requires the lease to state the amount, exactly what the money can be used for, that the carrier will account for it, that interest is paid, and that the balance is returned within 45 days of termination.

The specific escrow requirements the lease must satisfy:

Purpose stated. The lease specifies the amount of any escrow and the exact items it may be applied to; it can only be used for real obligations of the owner-operator.
Accounting. The carrier accounts for escrow transactions (on the settlement sheets or a separate periodic accounting), and the owner-operator can demand an accounting at any time.
Interest. The carrier pays interest on the escrow at least quarterly, at a rate tied to the average yield on 91-day Treasury bills.
Return. Any remaining balance is returned no later than 45 days from termination, after final settlement of outstanding obligations.

06 Insurance

Who carries insurance under an owner-operator lease?

The lease must clearly state each side's insurance obligations. In the standard lease-on model the carrier maintains the primary liability and cargo insurance the public and shippers rely on while the truck runs under its authority, and the owner-operator typically carries physical-damage, bobtail/non-trucking, and occupational-accident coverage on their own truck.

49 CFR 376.12(j) requires the lease to specify the carrier's legal obligation to maintain insurance coverage for the protection of the public, and to identify who is responsible for which coverages. Two practical points the lease should nail down:

When each policy applies. "In-service" (dispatched under load) vs. "bobtail / non-trucking use" (personal use of the truck) determines which policy responds; gaps here cause disputes after an accident.
Cargo-loss responsibility and deductibles. If the carrier can charge insurance-related deductions or deductibles back to the owner-operator, that must appear in the lease as a documented chargeback, not a surprise deduction.

07 Classification risk

Does the lease make the owner-operator an independent contractor?

No. Calling the driver an independent contractor in the lease does not, on its own, make them one. Employee-vs-contractor status is decided by legal tests that look at how the relationship actually works, and those tests differ by law and by state.

Different bodies of law apply different tests to the same driver:

Federal wage law (FLSA). The U.S. Department of Labor uses a multi-factor "economic reality" test; no single factor controls.
Tax law (IRS). The IRS applies a common-law control test focused on behavioral control, financial control, and the relationship of the parties.
State law (ABC test). Roughly 33 states use an "ABC" test for wage and unemployment purposes; in strict-ABC states (California and others) it is hard to classify a driver as a contractor, and trucking is a recurring battleground.

Because FMCSA safety rules require the carrier to exert control over the equipment and driver, carriers walk a fine line: the mandatory "possession and control" clause is a classification landmine if the rest of the relationship also looks like employment. This template is written on an independent-contractor basis, but the label is not the last word, verify status under the laws that apply to you.

08 Customise

Need a customized owner-operator lease agreement?

Use AI Lawyer to generate one tailored to your operation. Set the parties, the equipment, the pay basis (per mile, percentage, or flat), the chargebacks, any escrow, and the insurance split; the assistant produces a lease with the Part 376 Truth-in-Leasing provisions built in, the settlement and deduction language spelled out, and clean termination and return-of-escrow terms. Because interstate trucking leases are federally regulated and worker-classification exposure is real, have a transportation attorney review the final lease before you sign or roll it out across a fleet.

Draft an owner-operator lease that satisfies the Truth-in-Leasing rules

Free template with the 49 CFR Part 376 required provisions, settlement and chargeback language, escrow accounting, and a clear insurance split, ready to customize for your carrier and owner-operators.

Use the template

Related templates: Independent Contractor Agreement · Equipment Lease Agreement · Vehicle Lease Agreement · Service Agreement

Bonus · The FMCSA-required clauses

The Truth-in-Leasing provisions, with sample clause language for each

A DIY owner-operator lease usually fails not because the pay is wrong but because it omits provisions 49 CFR 376.12 requires. Below are the core required clauses with plain-English sample language you can adapt. These are drafting starting points, not a substitute for review by a transportation attorney; verify the current regulation text and your state's rules before use.

What it does: Puts the carrier in exclusive possession, control, and use of the truck for the lease term and makes the carrier responsible for operation, as federal safety law requires, while preserving the parties' independent-contractor intent.

"For the duration of this Agreement, Carrier shall have exclusive possession, control, and use of the Equipment when operated under Carrier's authority, and Carrier assumes complete responsibility for the operation of the Equipment to the public, shippers, and regulatory agencies, as required by 49 CFR 376.12(c)(1). The Parties agree that this provision is required by the Federal Motor Carrier Safety Regulations for safety and public-liability purposes and does not, by itself, determine the Contractor's status as an employee or independent contractor for any other purpose."

What it does: States the pay on the face of the lease, gives it to the owner-operator before the trip, and commits the carrier to pay within 15 days of receiving the delivery documents.

"Carrier shall compensate Contractor as stated on the face of this Agreement or in the attached Compensation Addendum, a copy of which is provided to Contractor before the start of any trip. Where compensation is a percentage of revenue, Contractor may examine a copy of the rated freight bill, or the tariff or rate documents from which the rate is computed, for any load. Carrier shall pay Contractor within fifteen (15) days after Contractor submits the delivery documents necessary to process the trip."

What it does: Lists every item the carrier may charge back, recites how each is computed, and entitles the owner-operator to the documents behind each charge, plus the rule that the carrier cannot force purchases as a condition of the lease.

"This Agreement specifies all items that Carrier may pay initially and later deduct from Contractor's compensation, together with how the amount of each item is computed. On request, Carrier shall provide Contractor with copies of the documents necessary to determine the validity of each charge. Contractor is not required to purchase or rent any products, equipment, or services from Carrier as a condition of entering into or continuing this Agreement, as required by 49 CFR 376.12(i)."

What it does: Governs any withheld escrow or maintenance reserve: states the amount and permitted uses, requires accounting and interest, and returns the balance within 45 days of termination.

"If Carrier requires an escrow fund, this Agreement states the amount of the fund and the specific items to which it may be applied. Carrier shall account to Contractor for all transactions involving the fund and shall provide an accounting on demand. Carrier shall pay interest on the escrow fund at least quarterly, computed at the average yield on 91-day U.S. Treasury bills. Upon termination, Carrier shall return any remaining escrow balance to Contractor no later than forty-five (45) days after termination, after final settlement of Contractor's obligations under this Agreement."

What it does: States the carrier's obligation to maintain public-protection insurance and allocates the remaining coverages (physical damage, bobtail/non-trucking, occupational accident) between the parties, with any insurance chargebacks documented.

"Carrier shall maintain the insurance coverage required for the protection of the public under its operating authority while the Equipment is operated under this Agreement, and this Agreement clearly identifies the party responsible for each type of coverage. Contractor shall maintain, at Contractor's expense, physical-damage insurance on the Equipment, and non-trucking (bobtail) liability and any occupational-accident or workers' compensation coverage the Parties agree Contractor will carry. Any insurance premiums or deductibles charged to Contractor shall be disclosed as documented chargebacks under the chargeback provisions above."

What it does: Handles the receipt given when the carrier takes and returns possession of the equipment, and the requirement that a copy of the lease ride in the truck while it runs under the carrier's authority.

"When Carrier takes possession of the Equipment, Carrier shall give Contractor a receipt identifying the Equipment and stating the date and time possession is taken; a corresponding receipt shall be given when the Equipment is returned to Contractor on termination. The beginning and ending dates of this Agreement coincide with the giving of those receipts. Carrier and Contractor shall each keep a copy of this Agreement, and a copy (or a statement identifying this Agreement and the parties as permitted by 49 CFR 376.11(c)) shall be carried on the Equipment during the lease."

Worker classification: the risk the lease cannot fix by itself

Writing "independent contractor" into the lease does not settle the driver's legal status. Misclassification is decided under tests that look at the real relationship, and the same owner-operator can be a contractor under one law and an employee under another:

IRS common-law control test. Weighs behavioral control, financial control, and the relationship of the parties; used for federal employment taxes.
FLSA "economic reality" test. The U.S. Department of Labor's multi-factor test for federal minimum-wage and overtime coverage; no single factor is decisive.
State ABC tests. Roughly 33 states use an ABC test for wage and unemployment law. In strict-ABC states, prong B (work outside the hirer's usual course of business) is very hard for a motor carrier to meet, since driving is the carrier's core business.
The FMCSA control clause cuts against you. The mandatory "exclusive possession and control" language is required for safety, but plaintiffs and agencies cite it as evidence of control. Keep the rest of the relationship consistent with contractor status (owner-operator sets schedule, can refuse loads, runs their own business, bears real financial risk).

Six mistakes that make an owner-operator lease non-compliant or unenforceable

No written, signed lease. Part 376 requires a written lease signed by both parties before the equipment runs under the carrier's authority; a verbal deal or an unsigned form is a violation.
Undisclosed or "computed how?" chargebacks. Deducting fuel, insurance, or damage without listing the item and how it is computed, and without giving the owner-operator the backup documents, breaches 49 CFR 376.12(e).
Escrow with no accounting, interest, or 45-day return. Holding a reserve without stating its uses, paying quarterly interest, and returning the balance within 45 days of termination is one of the most litigated Part 376 failures.
Forced purchases. Requiring the owner-operator to buy fuel, insurance, or services from the carrier (or a designated vendor) as a condition of the lease violates the anti-forced-purchase rule.
Treating the "control" clause as proof of contractor or employee status. It is a required safety provision and decides neither; relying on it either way is a mistake in both compliance and litigation.
Assuming the label settles classification. "Independent contractor" in the lease does not override the IRS, FLSA, or state ABC tests; a lease that looks like employment in practice invites back-pay, tax, and benefits liability.