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Equipment lease agreements allow owners of personal property to temporarily let others use it for a fee. These agreements can be structured in various ways, depending on local regulations and the specific circumstances. They are particularly useful for significant projects requiring expensive equipment that may not be needed afterward, such as a steamroller. Instead of purchasing the equipment, renting it makes more sense. An equipment lease agreement helps ensure that the equipment is well cared for by establishing terms for its use. Key elements to consider include the agreement structure and relevant state laws.
