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Equipment lease agreements allow owners of personal property to temporarily let others use their equipment for a fee. These agreements can be structured in various ways, depending on local laws, but there are key elements to consider across all leases. They are particularly beneficial for large projects requiring costly equipment that may not be needed long-term, making renting a more sensible option than purchasing. For equipment owners, lease agreements ensure that their equipment is properly cared for during the rental period. Overall, an equipment lease agreement serves to protect both parties involved in the transaction.