Different actions are recommended/required for every part of the life cycle of a piece of equipment for use in the Faculty of Mathematics (from planning and purchasing to use and disposal).
Consult the life cycle of equipment document.
Any agreement with an external agent that involves the purchase and/or use of equipment might have additional policy requirements. For example, granting agencies typically have a policy related to equipment purchased/used/leased for projects they have funded. It is your responsibility to be familiar with these (e.g. see research policies and guidelines at Government of Canada Science).