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A lease is a type of contract in which a person known as lessor rents an asset like for example property or a vehicle to another person known as lessee or tenant in case of property for a fixed period of time subject to the regular payment of rental fee. The terms of the contract may vary depending on the period for which the lease is valid and the mode of payment which could be in the form of a lump sum amount or fixed monthly payments along with a deposit as security.
According to the terms of a lease for example in case of the renting of property the tenant has complete rights to the property with respect to possession short of actual ownership. The contract in most cases is legal in nature though informal contracts are also made especially in cases where the parties involved are friends or relatives. Some of the important clauses in a lease are issues related to damage claims, termination of lease before the validity period and payment of maintenance bills.
According to the terms of a lease for example in case of the renting of property the tenant has complete rights to the property with respect to possession short of actual ownership. The contract in most cases is legal in nature though informal contracts are also made especially in cases where the parties involved are friends or relatives. Some of the important clauses in a lease are issues related to damage claims, termination of lease before the validity period and payment of maintenance bills.
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