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Equipment lease agreements allow owners of personal property to temporarily let another person use their equipment for a fee. There are various ways to structure these agreements, influenced by state regulations, but there are common principles regardless of location. They are particularly beneficial for large projects requiring expensive equipment that may not be needed afterward, such as a steamroller. In such cases, renting makes more financial sense than purchasing. For the lender, an equipment lease agreement ensures the equipment is properly cared for during the rental period.
