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An employee equipment agreement is a legally binding contract between an employer and an employee regarding the use of company-owned equipment. It specifies the employer's expectations for the employee's handling of the equipment. Key topics in the video include employee permissions and responsibilities, such as the requirement for regular maintenance (beyond normal wear and tear) and returning equipment upon leaving the company. The agreement also outlines policies for using company equipment, particularly regarding its transportation off company premises. Common office equipment covered under this agreement is addressed as well.