A lease agreement is a legal document that outlines the terms and conditions under which one party agrees to rent or lease property, equipment, or other assets from another party for a specified period in exchange for regular payments. The agreement typically covers details such as the length of the lease term, rental amount, payment schedule, security deposit, maintenance responsibilities, and any additional terms or conditions that both parties agree to. It serves as a binding contract between the lessor (the owner) and lessee (the tenant), providing protection for both parties and outlining their rights and obligations throughout the lease period.