A lessor is a person or entity that grants a lease to someone else, who is known as the lessee. The lessor is the owner of the asset or property that is leased under an agreement to the lessee. The lessor may be the owner of the property or an agent authorized on the owners behalf, and can be both a legal entity and an individual. Commercial banks, credit non-bank organizations, and leasing companies often act as lessors. The lessor provides the property as a leasing subject to the lessee for temporary possession, and the lessee makes a one-time payment or a series of periodic payments to the lessor in return for the use of the asset. The lessor retains the right of ownership of the property during the contract and is entitled to receive periodic payments from the lessee based on their initial agreement. The lessor must also be compensated for any losses incurred during the contract due to damage or misuse of the asset in question. Examples of lessors include landlords, automobile dealers, and companies that own trademarks or brand names.