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Equipment lease agreements allow owners of personal property to temporarily lease their equipment to others for a fee. These agreements can be structured in various ways and vary by state, but there are key common elements to consider regardless of location. A lease is particularly beneficial when undertaking large jobs that require expensive equipment, which may not be needed afterward, making renting more practical than purchasing. For the lender of the equipment, an equipment lease agreement ensures that the equipment is properly cared for during the rental period. This document serves as a protective measure for both parties involved in the rental transaction.
