Essentially yes. It is land holdings granted by a greater feudal lord to a lesser one, who in exchange takes up certain duties and responsibilities. Possible requirements could be military service, garrison duty in the lord's castle, attendance of court to give advice and council to the lord, or hospitality to the lord. Over time these obligations were sometimes converted to cash payments instead of service, knows as scutage. A fief was inheritable, so the relationship could be passed between generations.
A fief might be as small as a single manor, which would be held by a knight. Larger fiefs would be held by greater nobles, and might be subdivided among their own vassals, creating chains of feudal obligations.
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