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Equipment lease agreements allow individuals to temporarily loan out personal property in exchange for a fee. There are different ways to structure these agreements, with considerations based on states' laws. However, common factors to remember include when to use an equipment lease agreement, such as for big projects requiring expensive equipment that may not be needed again. It is more practical to rent such equipment rather than buy it. In this case, an equipment lease agreement ensures that the equipment is taken care of by the borrower.
