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Equipment lease agreements are documents that allow the owner of personal property to temporarily let someone else use it for a fee. These agreements can be structured in various ways and may vary by state, but certain common elements apply universally. They are particularly useful for large jobs requiring expensive equipment that may not be needed afterward, making renting more cost-effective than purchasing. For the lender, an equipment lease agreement provides assurance that the equipment will be properly taken care of while in use.
