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.Discover what an equipment rental agreement is, what you should include in one, and download our free rental agreement template to get you started. You can use this document to outline the terms and conditions of an equipment rental. Use this equipment rental agreement template to outline terms and conditions. Sign, print, or download contracts as PDFs for your rental business. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. How to fill out the Rental Equipment Checkout Form PDF Template?