A lease agreement contract is a legal document used to lease a residential or commercial property. The specific terms of a lease agreement contract may vary according to the type of property being leased, and certain state or local laws may also affect the terms of a lease agreement. Generally all lease agreement contracts specify the duration of the lease; for residential leases, the average lease duration is six months to a year, and commercial leases are often entered into for much longer periods of time. A standard lease agreement contract will also specify the amount of rent to be paid and when it should be paid, and will also outline what penalties may occur in the event of a late payment. A lease agreement contract may also outline other specific terms and provisions, such as rules regarding pets or the use of common areas. Signing a lease agreement contract obligates both the landlord and tenant to uphold the terms of the lease.