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equipment lease agreements are documents that enable people who own a piece of personal property to let another person use it temporarily in exchange for a fee there are lots of different ways of structuring equipment lease agreements and some different things to keep in mind depending on what state you live in but there are common things to keep in mind no matter what you're loaning or borrowing or where you live let's take a look first when should i use an equipment lease agreement equipment bills of sale are particularly useful in connection with big jobs coming up that will require an expensive piece of equipment especially if it's likely the equipment won't be needed again in this case it might not make sense for the person doing the job to spend the money needed to buy say a steamroller it's much more logical to rent one but what about the person who has a steamroller to lend how can he or she ensure that the equipment is taken care of an equipment lease agreement is the answer the agreements let the parties decide critical issues in writing before the lease takes place they're valuable to have in all leases of personal property because they clarify what the parties are responsible for in case something unforeseen occurs as can easily happen with big jobs or events now what should be included equipment lease agreements should include biographical information about the lesser the person who owns the equipment and the lessee the person who is borrowing it it should also include a description of the equipment being used and the dates on which it will be needed the owner of the equipment may also want to make sure there is a description of the tasks that will be involved next is the financial terms of the transaction will the lease be for a one-time fee or let out on a rate by day or by the hour is there a security deposit required finally the parties should address contingencies like what happens if the equipment is returned late what maintenance or repairs the lessee is responsible for and whether insurance is required one thing to keep an eye on is state on law taxes some states require tax to be imposed on leases of equipment and some have different rates for different kinds of items check out our website for a detailed list of tax rates by state we're eforms the world's biggest database of legal documents see our site for more detailed instructions on drafting equipment lease agreements and sample forms or just click or tap the link right here for an official fillable equipment lease and don't forget to subscribe for more videos that will help you stay on top of things [Music]