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Equipment lease agreements are contracts that allow owners of personal property to temporarily rent it out to others for a fee. These agreements can vary based on state regulations and specific circumstances but share common elements regardless of the equipment or location. They are especially useful for significant projects requiring costly equipment that is not needed afterward, such as a steamroller. Renting may be more economical than purchasing for those needing the equipment. For those lending equipment, an equipment lease agreement provides assurance that the item will be properly cared for during the rental period.
