Legal analysis: The lease contract is valid in duplicate and binding on both parties. However, the rental contract should be in duplicate, signed by both parties, and each party keeps one copy for future reference. Of course, it is legally binding. A contract is an agreement between the parties or between the parties to establish, change or terminate a civil relationship.

Legal basis: According to Article 502 of the General Principles of the Civil Law of People's Republic of China (PRC), a legally established contract becomes effective upon its establishment, unless it is otherwise stipulated by law or agreed by the parties. In accordance with the provisions of laws and administrative regulations, if the contract should go through the approval procedures, such provisions shall prevail. If the failure to go through the formalities such as approval affects the effectiveness of the contract, it will not affect the performance of the obligation clauses such as approval and the effectiveness of relevant clauses in the contract. If the party that should go through the formalities for approval fails to perform its obligations, the other party may require it to bear the responsibility for violating its obligations. The modification, assignment and dissolution of a contract shall be subject to the provisions of laws and administrative regulations, and the provisions of the preceding paragraph shall apply and shall be subject to approval.