In leasing terminology, what does 'lessee' refer to?

In leasing terminology, 'lessee' refers specifically to the individual or entity that rents or leases the property from another party. The lessee is the client or consumer who utilizes the leased asset as per the terms of the lease agreement. This definition directly aligns with the common understanding of 'lessee' across leasing contracts, where they hold the right to use the asset for the duration of the lease while generally paying periodic rent or lease payments to the lessor (the owner of the property).

Understanding the role of the lessee is crucial in the context of lease agreements, as they bear the responsibility for obligations defined in the lease, such as maintenance, insurance, and compliance with the lease terms during their use of the property. In contrast, the other terms mentioned, such as 'lessor' (the owner of the leased property), 'leasing company' (which may act as the lessor), and 'guarantor' (a party that provides a guarantee for the lease), do not define the lessee's role in the leasing process. This distinction is key in grasping how lease agreements function within commercial and consumer transactions.