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Equipment lease agreements are documents that allow owners of personal property to temporarily rent it out for a fee. Various structures exist for these agreements, and considerations may vary by state. However, certain key aspects remain consistent regardless of location. Equipment lease agreements are particularly beneficial for large projects requiring expensive equipment that may not be needed afterwards. Instead of purchasing items like a steamroller, it is often more practical to rent. For owners lending equipment, a lease agreement ensures proper care and usage of the item.