An equipment lease agreement is a contractual document that states all the conditions of leasing equipment between owner and user. In a lease arrangement, the owner of the equipment is also called the lessor whereas, the user is known as the lessee. This equipment can be a vehicle, instrument or any other object that is given to the user for a specific period in exchange for periodic payments during the duration of the lease as decided by the owner. However, ownership of the equipment stays with the lessor and he…
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