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Equipment lease agreements allow owners of personal property to rent it out temporarily for a fee. They can be structured in various ways, influenced by state laws, but there are common elements to consider regardless of location. These agreements are especially useful for large jobs requiring expensive equipment that won't be needed again, such as a steamroller. Renting makes more financial sense than purchasing in such cases. For the lender, an equipment lease agreement ensures proper care and use of the equipment during the rental period.
