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A lease agreement is a legally binding contract between a landlord (property owner) and a tenant (individual or business) outlining the terms and conditions for renting a property. This document typically includes details such as the duration of the lease, rent amount, security deposit, responsibilities of both parties, and any specific rules or restrictions associated with the property.
A lease agreement is essential for your business as it establishes legal terms, outlines rights and obligations, mitigates disputes, facilitates financial planning, ensures compliance with laws, addresses security deposits, and defines termination procedures in the landlord-tenant relationship.
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