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Equipment lease agreements allow owners of personal property to temporarily lend it to others for a fee. These agreements can be structured in various ways, influenced by state regulations, but they share common elements regardless of location. Equipment leases are particularly beneficial for large jobs requiring expensive machinery that may not be needed afterward, such as a steamroller. Instead of purchasing such equipment, renting is often more economical. For lenders, an equipment lease agreement ensures that the equipment is protected and properly maintained while in use.
