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Equipment lease agreements are documents that allow owners of personal property to temporarily let another person use it in exchange for a fee. These agreements can be structured in various ways, depending on the state laws. They are particularly useful for significant jobs requiring expensive equipment that may not be needed again, making renting a more logical choice than purchasing. For the lender, an equipment lease agreement provides assurance that the equipment will be taken care of. Thus, such agreements serve as a practical solution for both parties involved in the leasing process.
