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Equipment lease agreements allow owners to temporarily rent out personal property in exchange for a fee. These agreements can be structured in various ways and vary by state, but there are common elements to consider regardless of location. They are particularly beneficial for significant projects that require expensive equipment, such as a steamroller, which may not be needed again. Instead of purchasing equipment, renting can be more economical. To ensure the equipment is properly maintained while being used by another party, an equipment lease agreement is essential.