An equipment lease agreement is a legal contract where the owner allows another party (lessee) to use equipment in exchange for payment. Simply answer our questionnaire to generate your document.Then, download your file as a PDF or print a copy for your records. 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. An equipment lease agreement enables someone to rent out machinery, tools, electronics, or equipment to businesses and individuals. After completing and signing the rental equipment agreement form, both parties can have a printable equipment rental agreement downloaded in PDF from PandaDoc. Ensure the owner and renter know what's expected of them and the equipment. Use our attorney-drafted equipment lease agreement template. Lease Agreements – By Type.