Terms Used In CFR > Title 30 > Chapter V > Subchapter B > Part 556 > Subpart E > How To Bid

• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}