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Equipment lease agreements allow property owners to temporarily let others use their equipment for a fee. These agreements can vary by state, but there are key elements to consider universally. They are particularly beneficial for expensive equipment needed for short-term projects, such as a steamroller, which may not be worth purchasing for a single job. For the lender, an equipment lease agreement helps ensure proper care of their equipment while defining the terms of the rental. This arrangement is practical for both parties, enabling effective use of resources without unnecessary expenditure.
