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Equipment lease agreements allow property owners to temporarily rent out their equipment for a fee. They can be structured in various ways based on state regulations. These agreements are especially useful for significant jobs requiring expensive equipment that may not be needed afterward; for instance, renting a steamroller instead of purchasing one. An equipment lease ensures that the equipment is cared for while providing a clear framework for both the lender and borrower. Understanding when to use an equipment lease agreement is crucial for effective equipment management in various job scenarios.
