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.The RENTER shall keep and maintain the rented equipment during the terms of the rental at his won cost and expense. It's simple if you need to rent equipment, you'll need an equipment rental agreement! An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. 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. Designated in the language is the lessor and lessee of the equipment, along with a statement confirming a description of the rented items. Our bikes have settled in for their long winter nap. But no worries, they'll be back soon!