lease

/liːs/ noun [C] COMMERCE, LAW

Definition

› an agreement to pay money in order to use land, a building, a vehicle, or a piece of equipment for a particular period of time: The company signed a lease for the property in December. The original tenant remains liable throughout the entire term of the lease.a lease expires/runs out The lease expires in 2026.a 10-/20-/30-year lease The company is trying to extend its 30-year lease (with 24 years left to run). a lease agreement/contract/payment a long-term/short-term lease → See also aircraft lease, building lease, derivative lease, dry lease, equipment lease, finance lease, operating lease, repairing lease, store lease, wet lease noun

(Definition of lease noun from the Cambridge Business English Dictionary © Cambridge University Press)