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Equipment lease agreements allow owners of personal property to temporarily lend their items in exchange for a fee. These agreements can be structured in various ways depending on state regulations, but there are common factors to consider regardless of location. They are particularly beneficial for large jobs requiring expensive equipment that may not be needed again, such as a steamroller. Instead of purchasing costly equipment, renting makes more financial sense. An equipment lease agreement protects the owner's interests by ensuring proper care of the leased item while facilitating the rental process.
