How does DHCP work? | Networking

When DHCP clients start up on a network, they discover the DHCP servers on the network and request IP configuration information. The DHCP servers respond with an offered IP address configuration. The DHCP client requests the use of a specific IP address configuration from among those offered, which is acknowledged by the DHCP server that offered it.
 The DHCP server allocates an IP address configuration for a specific amount of time known as the lease time; whereas, the DHCP client must renew the lease time of its IP address configuration on regular basis.