An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment.In this post, we'll tell you what a vendor contract form is, why you should use one, and break down the details of our very own free vendor agreement template. You can use this document to outline the terms and conditions of an equipment rental. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. This Equipment Rental Agreement ("Agreement") is effective as of the date of last signature ("Effective. Discover what an equipment rental agreement is, what you should include in one, and download our free rental agreement template to get you started.