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Equipment lease agreements allow property owners to temporarily rent out personal property for a fee. These agreements can be structured in various ways depending on state regulations, but certain common factors apply universally. They are particularly beneficial for large projects requiring expensive equipment that may not be needed afterward, such as a steamroller. Instead of purchasing the equipment, it is often more practical to lease it. An equipment lease agreement ensures that the equipment is properly cared for while detailing the terms of use and responsibilities for both the lender and borrower.
