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Equipment lease agreements are documents that allow owners of personal property to let others use their items temporarily for a fee. These agreements can be structured in various ways, depending on local laws, but there are common essentials to consider regardless of location. Equipment lease agreements are especially beneficial for significant projects requiring costly equipment that may not be used again, such as a steamroller. Rather than purchasing expensive equipment, it’s often more practical to rent. An equipment lease agreement ensures that the equipment is properly managed and cared for during the rental period.