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Equipment lease agreements allow owners of personal property to temporarily let others use their equipment for a fee. There are various structures for these agreements, influenced by state laws, but key considerations apply universally. Such agreements are particularly beneficial for large projects that require expensive equipment, like a steamroller, which may not be needed afterward. Renting is often more cost-effective than purchasing. For the equipment owner, an equipment lease agreement provides assurance that the equipment will be cared for and used appropriately during the lease period.
