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Equipment lease agreements allow owners of personal property to temporarily rent it out for a fee. These agreements can vary based on state laws, but certain key points are universally applicable regardless of location. They are especially beneficial when expensive equipment, like a steamroller, is needed for a specific job without the intent to purchase. Leasing makes financial sense for the borrower while providing protection for the lender. An equipment lease agreement ensures the proper care of the leased item and clarifies the terms of use, making it a practical choice in such situations.
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