Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment. An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment.You can use this document to outline the terms and conditions of an equipment rental. Here you'll find answers to the most frequently asked questions, downloadable forms to help you manage your lease, and essential telephone numbers. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. The downloadable form is designed to institute a concrete arrangement, establishing the terms and conditions to be followed for the duration of the contract. In order to avoid confusion, it is recommended that the lease contain the following provisions: a. Conditions of occupancy; b. This agreement, the lease, can either be oral or memorialized in writing. In the ordinary course of Satellite's business, the Equipment Rental Agreement served as a master lease.