When the time comes, sell the vehicle and use this product to pay the lump sum payment, which then terminates the contract. According to paragraph 4 of AASB 117, a lease is: a contract in which the lessor transfers to the lessee the right to use property for an agreed period of time in exchange for a payment or series of payments.  Whether for personal or business use, contract rental is ideal for those who want to use a van but don`t want the hassle and high fees that come with owning it. You can rent anything from a single van for personal use to a fleet for a business. All you pay for is usage! These are some of our most popular agreements, also known as “operating contracts”. .