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Equipment lease agreements allow owners of personal property to temporarily rent it to others for a fee. These agreements can be structured in various ways and may depend on state laws, but certain essentials apply universally. They are particularly useful for large projects requiring costly equipment that may not be needed again, such as a steamroller. Rather than purchasing the equipment, renting it is often more practical. For the owner lending the equipment, an equipment lease agreement provides a means to ensure the item is properly cared for during the rental period.
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