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Equipment lease agreements allow property owners to temporarily lease their personal property to others for a fee. There are various ways to structure these agreements, influenced by state regulations, but some fundamental aspects are universally applicable. Equipment lease agreements are particularly advantageous for large projects requiring costly equipment that may not be needed afterward, making renting more practical than purchasing, such as with a steamroller. To protect the lender's interests, an equipment lease agreement ensures the equipment is properly maintained and managed during the rental period. This agreement is essential for both parties involved in the leasing process.
