Endorsement of participating Western countries Contractual Alliance and National Association of Public Procurement Officials Postal Space Equipment, Services and Assistance Managed by the State of Arizona (hereinafter referred to as Lead State). A lease is extremely important for any owner who wants to rent out their property. Even if you`re renting to a friend or family member or only for a short period of time, a lease can help protect you from many problems if (when) things don`t work. A rental agreement should go around all your expectations of the tenant and help ensure that the tenant and landlord remain responsible and liable for their share of the contract. Termination – In most leases, there is no termination clause. If this is the case, there is usually a cancellation fee or a fee for the tenant.