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Equipment lease agreements allow owners of personal property to permit others to use their equipment temporarily for a fee. These agreements can vary based on location and specific needs but share common elements regardless of the situation. Equipment leases are especially beneficial for significant projects requiring costly items, like a steamroller, that may not be needed after the job. Renting makes more financial sense than purchasing. An equipment lease agreement helps the lender protect their asset, ensuring proper care and usage of the equipment during the lease term.
