Lease

Over the centuries, leases have served many purposes and the nature of legal regulation has varied according to those purposes and the social and economic conditions of the times. Lease is an agreement where a payment is made for the temporary use of a good, service or property owned by another person or company. The rental market has recently expanded to cover a diverse variety of goods and services.

Term of a lease

The term of the lease may be fixed, periodic or of indefinite duration. If it is for a specified period of time, the term ends automatically when the period expires. Without a given notice in the absence of legal requirements. The term's duration may be conditional, in which case it lasts until a specified event occurs. A lease will last only as long as the parties wish it to.

Reasons for lease

• In many jurisdictions (including India, Spain, Australia, and the United States) lease used in a trade or business is tax deductible, whereas rent on a dwelling is not tax deductible in most jurisdictions.

• One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time.

• When something is needed only temporarily, as in the case of a special tool, a truck or a skip.

• There is no need to worry about lifespan and maintenance.

• And many others reasons.

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