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Equipment lease agreements are documents that allow owners of personal property to let others use it temporarily for a fee. Various structuring methods exist, influenced by state regulations, but certain common elements apply universally. These agreements are particularly useful for costly equipment needed for specific jobs that may not be required again, as purchasing might be impractical. For example, renting a steamroller instead of buying one is advisable for a temporary project. An equipment lease agreement ensures that the lender's equipment is properly taken care of during the rental period.
