Signing a lease on premises means that you are probably entering into one of the most significant financial commitments that your business will make. A lease is a binding contract in law which sets out the terms and conditions of the tenancy agreement between landlord and tenant. It defines the rights and obligations of both parties. It is therefore enforceable – you cannot simply walk away from a lease. However, certain aspects of the relationship between landlords and tenants are also defined by law. A first draft of the lease will usually be drawn up by the landlord’s solicitor as a basis for discussion between the parties.