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LEASE

LEASE

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Published by Punam Singh

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Published by: Punam Singh on Apr 15, 2011
Copyright:Attribution Non-commercial

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04/15/2011

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A writtenagreementunder which a propertyowneallows atenantto use the property for a specified periodof time andrent.
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Thelessee(person taking out alease) agrees to pay a number of fixed or flexible installments over an agreed period to thelessor , who remains the owner of theasset(item) throughout the  period of the lease.
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Athough generally fixed, the amount and timing ogf payment of lease rentals can be tailoredto the lessee¶s profits or cash flows.
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It can be up-fronted lease or back-ended lease.
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The lessor is entitled to claim depreciation on the leased asset.
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In long term lease the lessee is generally give the optionto buy or renew the lease.
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A contract lasts over a number of years, usually between 2 and 10, depending on the cost andusable life of the product.
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Have the full use of a piece of equipment without having to pay the full cost of the item inone go.

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