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 the standard restrictions included in the template, write specific terms yourself, or allow the renter to use the equipment freely.Limited utilities may be included in the rent. In this post, we'll tell you what a vendor contract form is, why you should use one, and break down the details of our very own free vendor agreement template. Download a free equipment rental agreement template, and view sample lease and leasetoown agreements for construction equipment. 1. Download the Master Rental Agreement PDF. This free equipment rental agreement template is an easy way for your equipment rental business to automate contracting. The costs of providing water, sewer. And electric services to the Leased. Please note: restrictions may apply based on employer.