A lease term is the period of time during which a lease agreement remains in effect. It marks the beginning and the end of a lessor’s obligation to provide the lessee with use of an asset, typically for a fixed rent payment over a set period of time. The lease term can be flexible or have certain contingencies attached to it, such as the right to renew or cancellations under specified conditions. As a business owner, you should consider your needs and objectives when deciding on an appropriate lease term. Doing so will ensure that you get the most value out of your leased assets while minimizing long-term risks and costs.