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.You can use this document to outline the terms and conditions of an equipment rental. 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. The downloadable form is designed to institute a concrete arrangement, establishing the terms and conditions to be followed for the duration of the contract. 101- OAKLAND Rental Agreement - Free download as PDF File (.