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Equipment lease agreements are documents that allow owners of personal property to rent it out temporarily for a fee. Various structuring options exist depending on the state, but certain key considerations apply universally, regardless of the equipment or location. These agreements are particularly beneficial for large projects requiring expensive equipment that may not be needed afterward. For example, instead of purchasing a steamroller for a one-time job, it is often more practical to rent one. To ensure proper care of the equipment by the borrower, an equipment lease agreement is essential.
