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Equipment lease agreements allow property owners to temporarily lend personal property to others for a fee. They can be structured in various ways, influenced by state regulations, but there are common considerations to keep in mind regardless of location. These agreements are particularly beneficial for large jobs requiring expensive equipment not needed thereafter, such as a steamroller. Instead of purchasing the equipment, the borrower can rent it, making financial sense. For the lender, an equipment lease agreement ensures proper care and accountability for the equipment while it’s in use.
