Lease term
(redirected from Term of Lease)Lease term
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Lease Term
The interval between the time a lease goes into effect and its expiration. This applies to both open-end leases and close-end leases. For example, one may rent an apartment (usually open-end) with a 12 month lease term, or one may lease a car (generally close-end) with a five year lease term. The lease term may or may not be renewed, depending on the type of lease and the agreement between the parties.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved