A lease is a contractual agreement between a lessor and a lessee that grants the lessee the right to use the asset for a period of time in return for cash payment(s)to the lessor.

Lessee

A person or entity that rents or leases property from another, known as the lessor, under the terms of a lease agreement.

Lessor

The party that leases or rents out a property or asset to another party, known as the lessee.

Contractual Agreement

A legally binding contract between two or more parties outlining terms and conditions of an agreement.