Whenever an individual or an entity needs a supply of gas for commercial or personal use they need to extend a lease for the same from the respective service provider. To extend the lease the individual is generally required to fill up a form or sign an agreement with the provider of the service and this is known as gas lease and oil lease.
This form or agreement records the name of the individual extending the lease and the provider, the terms of the lease such as the time for which the lease is valid, the quantity limit (if any) etc. The lease is an agreement or contract which certifies than the holder of the lease is allowed to use the respective service for the given time at the amount he/ she has agreed to pay to the provider. Once the lease expires the holder cannot use the service beyond it until he/ she gets the lease renewed.
[Also Read: Gas Supply Agreement]