20:07
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Simple English definitions for legal terms
fixed-term lease
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A quick definition of fixed-term lease:
A fixed-term lease is a type of agreement for oil and gas exploration that lasts for a specific period of time. Unlike other leases, it does not have a clause that allows it to continue indefinitely. This means that the lease will expire at the end of the agreed-upon term.
A more thorough explanation:
A fixed-term lease is a type of lease agreement that has a specific end date. This means that the lease will expire on a certain date, and the tenant will have to move out or renew the lease if they want to continue living in the property.
For example, if a tenant signs a one-year fixed-term lease on an apartment, they will be required to move out at the end of the one-year period unless they renew the lease with the landlord.
This type of lease is commonly used in the oil and gas industry for leasing land for a specific period of time for drilling or exploration. The lease will specify the exact start and end dates of the lease, and the lessee will have to vacate the land at the end of the lease term.
The fixed-term lease is different from a periodic lease, which automatically renews at the end of each rental period until either the tenant or landlord gives notice to terminate the lease.