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Equipment lease agreements allow owners of personal property to temporarily rent it out for a fee. They can vary based on state laws but generally share common elements. These agreements are particularly useful for significant jobs requiring expensive equipment that may not be needed afterward, making renting more practical than purchasing. For example, if a job demands a steamroller, it’s often more logical to rent than buy. An equipment lease agreement helps the lender ensure that the equipment is properly cared for during the rental period. Overall, these agreements provide a structured way to facilitate equipment sharing while protecting the interests of both the lender and the borrower.