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Equipment lease agreements are documents that allow owners of personal property to temporarily rent it to others for a fee. They can be structured in various ways and may vary by state, but there are common considerations for all situations. Equipment lease agreements are especially useful for significant jobs requiring expensive equipment that may not be needed afterward, such as a steamroller. Instead of purchasing costly equipment, renting is often more practical. An equipment lease agreement helps the lender ensure that the equipment is properly maintained and cared for while in use.
