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Equipment lease agreements allow owners of personal property to temporarily rent their equipment to others for a fee. There are various ways to structure these agreements, and the specifics may vary by state. However, certain fundamental aspects apply universally. Equipment lease agreements are particularly beneficial for large projects requiring expensive equipment that may not be used again, making renting a more logical option than purchasing. To protect the equipment and ensure its care, both parties can use an equipment lease agreement, which serves as a formal contract outlining the terms of use.