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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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A writtenagreementunder which a propertyowneallows atenantto use the property for a specified periodof time andrent.
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.
Athough generally fixed, the amount and timing ogf payment of lease rentals can be tailoredto the lessee¶s profits or cash flows.
It can be up-fronted lease or back-ended lease.
The lessor is entitled to claim depreciation on the leased asset.
In long term lease the lessee is generally give the optionto buy or renew the lease.
A contract lasts over a number of years, usually between 2 and 10, depending on the cost andusable life of the product.
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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