BizTerm Definition
Lease agreement
Full Definition

A contract usually made in writing whereby one party known as the lessor grants to another party known as the lessee the rights of use, tenancy, or occupancy to property owned by the lessor. This property may be land, buildings, equipment, or other chattel property. The lease agreement describes the rights of the owner (lessor) and the renter (lessee), and recites the terms of periodic payment and the tenure of the lease.

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