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Equipment lease agreements are documents that allow owners of personal property to let others use it temporarily for a fee. These agreements can be structured in various ways and vary by state, but certain key elements are common regardless of location. They are particularly useful for large projects requiring expensive equipment that may not need to be purchased. For instance, renting a steamroller instead of buying it can be more logical for contractors. An equipment lease agreement helps ensure that the borrowed equipment is properly cared for, benefiting both the lender and the borrower.
