Lease
Definition: Lease
Lease: A lease is a written contract for letting or renting a piece of equipment for a period against payment of a fee. To lease means to let or rent land or equipment for a period. The company has a policy of only using leased equipment. To use land or equipment for a time and pay a fee. All the farms tractors are owned, but the combines are leased. Utilizing leasing arrangements can provide farmers with access to necessary equipment without large capital investments.