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Equipment lease agreements are documents that allow owners of personal property to temporarily rent it out for a fee. Various structures exist for these agreements, and considerations may differ by state. Regardless of location or the items involved, certain common factors should be acknowledged. These agreements are particularly beneficial for substantial projects that require costly equipment, where purchasing the equipment might be impractical. For example, renting a steamroller for a specific job can save money. Additionally, an equipment lease agreement provides reassurance for the owner that their equipment will be well-maintained during the rental period.
