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Equipment lease agreements are documents that allow the owner of personal property to let another person use it temporarily for a fee. Various structures exist for these agreements, which can vary by state, but certain key elements are universally applicable. They are especially useful for significant projects requiring expensive equipment, like a steamroller, which may not be needed after the job. Instead of purchasing such items, it is often more practical to rent. For the lender, an equipment lease agreement ensures that their equipment is well cared for during the rental period.
