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Equipment lease agreements allow owners of personal property to temporarily rent it out for a fee. These agreements can be structured in various ways depending on state laws, but there are common considerations regardless of location. They are particularly beneficial for large jobs requiring expensive equipment that may not be needed again, making renting more practical than purchasing. An equipment lease agreement helps the equipment owner ensure proper care and maintenance of the equipment while it is being borrowed. This type of agreement is essential for both parties involved in the transaction.