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Equipment lease agreements are contracts that allow individuals to temporarily use personal property for a fee. They can vary based on state regulations, but there are essential elements common to all. These agreements are particularly useful for short-term needs, such as when expensive equipment is required for a significant job and may not be needed afterward. Instead of purchasing high-cost items like a steamroller, renting can be more practical. For the lessor, an equipment lease agreement ensures the equipment is properly cared for during the lease term, providing security and clarity in the rental process.
