Fixed Term Lease

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Fixed Term Lease

A lease binding the parties to each other for a specified period of time, such as a month or a year. That is, the fixed-term lease requires the lessee to make periodic payments and requires the lessor to surrender use of his/her property. A fixed term lease is also called (somewhat misleadingly) a tenancy for years.
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Capital contributions for major commitments at new buildings, prevalent in the first half of 2004, have all but disappeared, and rent-free periods for fixed term leases of five years or more have fallen from 10-12 months to as little as 4-6 months.
All fixed term leases negotiated with lessees from May 1, 1998 onwards will have GE SeaCo as the lessor.