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Equipment lease agreements allow owners of personal property to temporarily let others use their equipment in exchange for a fee. These agreements can be structured in various ways and vary by state, but there are common considerations for all parties involved. They are particularly useful for large projects that require expensive equipment that may not be needed again, such as a steamroller. Renting makes more financial sense than purchasing such equipment. Additionally, an equipment lease agreement helps ensure that the owner's equipment is well cared for by outlining responsibilities and usage terms.
