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If you're a contractor and wondering when to rent or when to buy your merchandise here's a few tips to help you make the decision.

• If your equipment isn't being used 60 to 70 percent of the time, consider renting rather than owning, especially during peak periods to meet demands. In this case, don't tie up working capital in equipment purchases.

• Review your project with a rental professional. You know the job; they may be able to offer suggestions regarding project equipment advances to help you complete the job easier and more economically.

• Review your invoice carefully; it is more than a receipt, it is a legal contract.

• Be sure that your rental equipment is covered by an insurance policy in case of damage, vandalism, or theft. Be comfortable with the deductibles.

• For frequent renters, ask about a standing certificate of insurance on file with the rental company so that you are automatically insured.

• Your local rental store carries only the most reliable and reputable equipment -- make sure that you are renting the best for the job. Ask questions and explain your needs.

• Always ask about operational safety and any operator training manuals. If you're unsure about the equipment's use, ask your local rental store. They are the experts and can help train you. 

This article is owned by True Value and was reprinted on this site with their permission.