To change an object in a connected workgroup, a user must belong to the workgroup that has ownership of that object. When taking ownership of an object, the user selects the length of time in which no other user can take ownership. This length of time is called a lease.
At the end of a lease the current owner maintains ownership until another user requests ownership of that object. If the lease is expired the requesting user will take ownership of that object.
There are two types of ownership in a connected workgroup environment, ownership of vault objects (e.g., files, folders, change orders, items, and custom objects), and ownership of administrative tasks.
You can configure the default lease length for Ownership on the Advanced Settings tab of the Administration dialog.
To Configure Default Ownership Lease Length