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Equipment lease agreements are documents that allow property owners to temporarily rent out their equipment for a fee. They can be structured in various ways depending on the state, but there are key common elements to consider regardless of location. Equipment lease agreements are particularly useful for significant projects requiring costly equipment, like a steamroller, which may not be needed again afterward. Instead of purchasing such expensive machinery, it is often more practical to rent it. The lease agreement also provides protection for the lender, ensuring that the equipment is well cared for during the rental period.
