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Equipment lease agreements are contracts that allow owners to temporarily rent out personal property for a fee. Various structuring options exist depending on state laws, but certain common elements apply universally. These agreements are particularly beneficial for expensive equipment needed for specific jobs, as they provide a cost-effective alternative to purchasing. For example, rather than buying a steamroller for a single project, it may be wiser to rent one. An equipment lease agreement also protects the owner's interests, ensuring that the equipment is handled appropriately during the rental period.
