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Equipment lease agreements are documents that allow owners of personal property to temporarily let others use their equipment for a fee. They vary in structure based on factors like location, but there are common considerations regardless of the specific situation. These agreements are particularly useful for large jobs requiring expensive equipment that may not be needed again, making renting more practical than purchasing. They also help the owner ensure their equipment's care while being used. Overall, equipment lease agreements provide a structured arrangement for borrowing and lending various types of equipment.
