A lease with lots of peripheral services wrapped around it. Common in many countries, it's designed to give full service and use of an asset to a customer, all covered by one certain monthly or periodic rental payment. Most common for cars and trucks, use of the vehicle plus maintenance, service, rental car replacement etc.
You don't like hassle, you don't want any fuss, you don't want to own assets just have the use of them, and want a full managed service. This is so you can get on with your life, your business and focus on the things you are good at. Contract Hire is a full service that provides the asset and all the services around it with no worries about running costs or residual values.