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Definition. Agreement between a landlord and a business outlining terms and conditions of property rental. A commercial lease is specific to renters using the property for business or other commercial purposes versus residential use. commercial lease is specific to renters using the property for business or other commercial purposes versus residential use.
A lease is an arrangement in which one party, called the lessor, provides an asset for use of the other party, called the lessee, against periodic payments for a specified time period. Accounting for leases depends on the terms and conditions of the lease i.e. whether it is a finance lease or an operating lease. Types of Leases.