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Meaning & use

leasing contract

noun·Advancedbusinesslaw

Last updated

UK/ˈliː.sɪŋ ˌkɒn.trækt/
US/ˈliː.sɪŋ ˌkɑːn.trækt/

Meanings

  1. nouncountablebusinesslaw

    A written agreement in which one person pays to use another person's property, vehicle, or equipment for a set period.

    Grammar: Countable: you can say a leasing contract or two leasing contracts.

    Patterns

    • sign a leasing contract
    • a leasing contract for something
    • a leasing contract with someone

    We signed a leasing contract for the office space on Monday.

    The leasing contract says the tenant must pay for repairs.

    She read the leasing contract carefully before agreeing to the terms.

  2. noununcountablebusiness

    The practice or business of letting people use property, cars, or equipment in return for regular payments.

    Grammar: Uncountable when it means the activity: leasing contract work, not a leasing contract work.

    Patterns

    • leasing contract business
    • leasing contract arrangements

    Our company handles leasing contracts for small businesses.

    He works in car leasing contracts and knows the market well.

Word forms

pluralleasing contracts

Common combinations

sign a leasing contract
They signed a leasing contract for the new warehouse.
a leasing contract for a car
She found a leasing contract for a car that suited her budget.
a leasing contract with a company
We entered a leasing contract with a local firm.
break a leasing contract
Breaking a leasing contract early can be expensive.
a leasing contract expires
Our leasing contract expires at the end of the year.

Synonyms and how they differ

lease
Shorter and more common in everyday speech; it can mean the agreement or the right to use something.
rental agreement
Often used for homes and equipment, and it may cover short periods as well as long ones.
hire purchase agreement
Similar but the buyer eventually owns the item, which a leasing contract usually does not allow.

Word family

lease noun
The agreement itself, or the right to use property for a period.
lease verb
To let someone use your property in return for payment.
lessor noun
The person or company that owns the property and lets it out.
lessee noun
The person or company that pays to use the property.

Commonly confused: leasing contract or leasing contact?

leasing contract vs leasing contact

A spelling mistake: contact means communication, while contract means a legal agreement.

Practice

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