Contract law. Financial lease (leasing) agreement (most important)

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Contract law. Financial lease (leasing) agreement (most important)

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38. FINANCIAL LEASE (LEASE) AGREEMENT

Under a leasing agreement, the lessor undertakes to acquire ownership of the property indicated by the lessee from a seller determined by him and provide the lessee with this property for a fee for temporary possession and use for business purposes.

A finance lease is:

1) consensual - the contract is considered concluded from the moment when the parties have reached an agreement on all essential terms;

2) compensated - the basis for the fulfillment of the obligation to provide the leased object for use is the timely payment for the use of property;

3) mutual.

lessor - a leasing company, established primarily in the form of a joint-stock company, which has a license to lease property.

Lessee - a legal entity engaged in entrepreneurial activity, or an individual entrepreneur.

subject of a contract - any non-consumable things used for entrepreneurial activity, except for land plots and other natural objects.

Form of contract

▪ written (subject to state registration, unless otherwise provided by law).

Rights and obligations of the lessor :

1) to acquire the property chosen by the tenant from the seller indicated by him on the basis of a contract of sale;

2) ensure the transfer of the leased property to the tenant in a condition that complies with the terms of the contract and the purpose of the property;

3) the lessor is not responsible for the shortcomings of the leased property;

4) warn the tenant about all the rights of third parties to the leased property;

5) to carry out major repairs of leased property at its own expense, unless otherwise provided by law, other legal acts, lease agreement;

6) demand early termination of the contract and compensation for losses or early payment of rent in case of violation by the tenant of the terms of the lease agreement.

Rights and obligations of the tenant :

1) use the leased property in accordance with the terms of the lease agreement or the purpose of the property;

2) timely pay a fee for the use of property;

3) upon termination of the lease agreement, return the property to the lessor in the condition in which he received it, taking into account the normal condition or in the condition stipulated by the agreement;

4) maintain the leased property in good condition, carry out current repairs at their own expense and bear the costs of maintaining the property;

5) demand a corresponding reduction in the rent or termination of the contract if the lessor fails to fulfill the terms of the contract;

6) bear the risk of accidental loss or damage to property.

Author: Rezepova V.E.

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