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Equipment lease agreements allow owners of personal property to temporarily rent out their items for a fee. There are various structuring options for these agreements, which can vary by state, but some key considerations are universally applicable. Equipment lease agreements are particularly useful for significant projects that require expensive equipment unlikely to be needed again, such as a steamroller. Rather than purchasing the item, it’s more practical to rent. For the equipment owner, a lease agreement provides a way to ensure the equipment is well-maintained during the rental period.