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. How do I fill this out? Filling out this form is easy and straightforward. 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. Those planning to create an equipment rental agreement can download a printable sample from our list for free.