A rental contract is an agreement to allow the use of an asset for a period of time without ownership passing. The terms ‘hire’, ‘rent’ and even ‘lease’ are often used as synonyms, with the differences related to context. Typically equipment is rented on a short-term basis where the nature of demand does not warrant outright purchase. See also Contract, Hire.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.