An equipment rental agreement is a contract made between two parties concerning the use of some type of equipment. The lessee rents the equipment of the lessor for a specific period of time as stated in the equipment rental contract. In exchange, the lessee provides compensation to the lessor again, as stated in the contract.
In the case of a short-term equipment rental agreement, the lessor may provide the lessee with a choice to renew the agreement, terminate it or purchase the rented equipment. This depends upon the terms of the original agreement made and agreed upon by both parties. Click here to read more.