Lease term

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Lease term

The life of a lease, including any renewal options.

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.
References in periodicals archive ?
Chris Lea, Director of Stoford Developments, said: "In a competitive environment and with tenants increasingly unwilling to commit themselves to long leases, we have been fully justified in offering customers a totally flexible package in terms of lease terms, rent and building specification."
The terms of lease were undisclosed, but the asking price had been $120,000 a year.
"However, there continue to be significant structural differences between countries in terms of leases, tax and legal structures, transparency and liquidity," he said.