In accordance with Art. 666 Civil Code of the Russian Federation subject of the leasing agreement are any non-consumable things, except land plots and other natural objects. Non-consumable things are things that do not disappear during their use, therefore the subject of leasing can be any non-consumable property. The contract must indicate individual characteristics and characteristics of the property that make it possible to distinguish it from other similar items. They can be the serial number, date of manufacture (release), an identification number, location, etc. In the absence of this data in the contract, the condition on the subject of leasing is considered not agreed upon by the parties, and the contract is not considered concluded (clause 3 of Article 15 of the Federal Law of October 29, 1998 N 164-FZ “On financial lease (leasing)”). The subject of a leasing agreement cannot be property rights, works and services, information, results intellectual activity, intangible benefits.

Any acquired property is recorded on the organization’s balance sheet. In practice, the leased asset is usually recorded on the balance sheet of the lessor, but can be recorded on the balance sheet of the lessee by mutual agreement parties to the contract. When evaluating a leasing agreement, it must be taken into account that financing fixed assets through leasing will reduce tax burden enterprises. In particular, payments for leasing agreements reduce the tax base for income tax. In addition, accelerated depreciation (with a coefficient of 3) allows the balance sheet holder to reduce the base for calculating property tax and further reduce the base for calculating income tax. Planning VAT flows during leasing requires a careful approach in accordance with current regulatory documents and, sometimes, may provide additional benefits.

Subject of leasing(For example, vehicles, equipment increased danger) may be subject to registration in government agencies. In this case, the leasing agreement should indicate in whose name the item is registered: the lessor or the lessee. When registering, information about the owner (lessor) and user of the property (lessee) must be indicated (Article 20 of the Federal Law of October 29, 1998 N 164-FZ “On financial lease (leasing)”).

The leased item can be insured against the risks of loss (destruction), shortage or damage from the moment of delivery of the property by the seller until the expiration of the lease agreement by the lessee or lessor in favor of one of the parties (clause 1, 2 of Article 21 of the Federal Law of October 29, 1998 N 164-FZ "On financial lease (leasing)").

Subject of leasing transferred to the lessee along with all its accessories and all documents ( technical passport and others), unless otherwise provided by the contract. In practice, the responsibility for carrying out maintenance, major and current repairs lies with the lessee. However, the parties may provide for the obligation of the lessor to carry out Maintenance And Maintenance or major renovation(Clause 2, 3, Article 17 Federal Law of October 29, 1998 N 164-FZ “On financial lease (leasing)”).

In the leasing agreement, it is advisable for the parties to provide for a condition regarding separable and inseparable improvements to the leased asset made by the lessee. The main difference between inseparable improvements and separable improvements is the impossibility of separating them from the leased asset without causing harm and the impossibility of using them separately from it. In practice, difficulties arise in assessing the separability/inseparability of improvements, which is subjective nature. When determining the type of improvements made, you can be guided, in particular, by the amount of costs for dismantling and bringing the leased property to its original condition, taking into account normal wear and tear. If the cost of dismantling is significant (exceeding or equal to the cost of improvements), then such improvements should be classified as inseparable.

Separable improvements made by the lessee to the leased asset are almost always his property, although the lease agreement may provide otherwise. And in the case of inseparable improvements to the leased asset made by the lessee, their owner is the lessor. However, the parties may provide that the lessee is entitled to reimbursement for the cost of such improvements made with the consent of the writing lessor (clause 7.8, Article 17 Federal Law of October 29, 1998 N 164-FZ “On financial lease (leasing)”).

The leasing agreement may provide for the transfer of ownership of subject of leasing to the lessee. This occurs on the basis of a purchase and sale agreement or an additional agreement to the agreement between the lessor and the lessee. Redemption price, for which the leased asset is purchased, may be included in the total amount of the contract or specified separately in the purchase and sale agreement or an additional agreement of the parties. If the lessee buys out the property, the parties must stipulate this condition in detail in the leasing agreement.

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Financial lease agreement (leasing)

In accordance with Art. 2 of the Federal Law of October 29, 1998 “On Leasing” leasing - type investment activities for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a fee, for certain period and under certain conditions stipulated by the contract, with the right to purchase the property by the lessee. Leasing activities depend on public policy in the field of investment, in particular from tax and depreciation benefits. A leasing transaction is understood as a set of agreements necessary for the implementation of a leasing agreement between the lessor (lessor), the lessee (lessee) and the seller (supplier) of the leased asset.

From the above it follows that leasing relations are a system of relations generated by a complex legal staff: first a leasing agreement is concluded, then a purchase and sale agreement. Leasing relationships can be formalized by a tripartite transaction with the participation of the lessor, lessee and seller.

According to Art. 665 of the Civil Code, under a financial lease (leasing) agreement, the lessor undertakes to acquire ownership of the property specified by the lessee from a seller identified by him and to provide the lessee with this property for a fee for temporary possession and use for business purposes. IN in this case The lessor is not responsible for the choice of the rental item and the seller. A financial lease agreement may provide that the choice of the seller and the purchased property is made by the lessor.

The issue of providing guarantees is considered if there is an agreement between the organization implementing investment project, and the lessor of the agreement that the rights and obligations of the parties to the leasing agreement arise after receipt state guarantees under borrowed funds. Thus, a surety agreement is concluded to secure an obligation that will arise in the future. The amount of state guarantees issued to the lessor's creditor is up to 40% of the funds actually provided for the implementation of the leasing operation.

Leaseback is carried out as follows: the owner of the property, for example a motor ship, sells it to a leasing company for a strictly specific purpose- transfer of the ship into possession and use under a leasing agreement former owner. Accordingly, the lessor under a financial lease agreement will be the leasing company (the buyer in the purchase and sale agreement), and the lessee will be the seller under the purchase and sale agreement. Thus, the tenant (the original owner) regains the value of the property and at the same time receives income from it by owning and using the property.

The law names the main types of leasing as financial and operational. In financial leasing, the lessor purchases the leased asset specified by the lessee from a specific seller. Operating leasing assumes that the lessee, at his own peril and risk, purchases property and transfers it as a leased asset to the lessee.

Lessor (lessor) - individual or entity, which at the expense of attracted or own Money acquires ownership of property during the implementation of a leasing transaction and provides it as a leased asset to the lessee for a certain fee, for a certain period and under certain conditions for temporary possession and use with or without transferring ownership of the leased asset to the lessee.

As a type of investment activity, leasing activity is aimed at generating income. It is not exclusive, therefore persons carrying out entrepreneurial activities and having the appropriate license have the right to engage in it.

Lessee (tenant), on the basis of Part 2, Clause 1, Art. 4 of the Law “On Leasing” - an individual or legal entity who, in accordance with the leasing agreement, is obliged to accept the leased asset for a certain fee, for a certain period and under certain conditions for temporary possession and use.

The lessee owns and uses the leased asset for business purposes. .

In addition to persons who may be lessors, the following persons have the right to act as a lessee: non-profit organizations, since they have the right to carry out commercial activities, if it serves the goals for which organizations are created and is consistent with these goals.

Seller (supplier) is an individual or legal entity who, in accordance with the purchase and sale agreement with the lessor, sells to him, within a specified period, the property produced (purchased) by him, which is the subject of leasing. The seller (supplier) is obliged to transfer the leased item to the lessor or lessee in accordance with the terms of the purchase and sale agreement.

The form of the leasing agreement, regardless of the term, is written. The title of the leasing agreement determines its form, type and type. The subject of a leasing agreement is non-consumable movable and immovable things, including enterprises and other property complexes.

The subject of leasing cannot be land, others natural objects, as well as property that is prohibited for free circulation by federal laws or for which it is established special order appeals.

Participants in a leasing transaction must accurately describe the leased item, determine the place and procedure for its transfer

The term of the leasing agreement serves as the basis for distinguishing the following three types of leasing. Long-term leasing - carried out for three or more years; medium-term leasing - from one and a half to three years; short

Leasing - for less than one and a half years.

The total amount of the leasing agreement is the amount that the lessor must receive from the lessee during the implementation of the investment. It includes the total amount of reimbursement of investment costs and the remuneration (income) of the lessor. Investment costs mean the costs and expenses (expenses) of the lessor associated with the acquisition and use of the leased asset by the lessee. Investment costs(costs) must be justified.

The leasing agreement, in accordance with Art. 15 of the Law “On Leasing”, must contain the following essential provisions: about the powers of the owner transferred to the lessee; list, volume and cost additional services provided by the lessor; circumstances that the parties consider an indisputable and obvious violation of obligations and which lead to termination of the leasing agreement and property settlement, as well as the procedure for the withdrawal (return) of the leased asset.

In mandatory form, the legislation defines the following basic rights and obligations of leasing participants. The lessor is obliged to: 1) buy property (in financial leasing, the property specified by the lessee is purchased from a seller identified by him; operational leasing assumes that the choice of seller and property is made by the lessor); 2) notify the seller that the property being purchased is intended to be leased to a certain person. Registration of leasing as a tripartite transaction removes this responsibility from the lessor; 3) provide the property for temporary possession and use to the lessee.

In relation to the lessor, the lessee is obliged to: 1) use the leased property only for business purposes, in accordance with its purpose and the requirements of the leasing agreement; 2) make lease payments in the manner and within the terms established by the agreement.

Early termination of the leasing agreement by the lessor is possible in indisputably in cases: 1) established by law and 2) a leasing agreement. The lessor has the right to indisputably collect sums of money and undisputed withdrawal of the leased asset in the following cases:

• a) if the conditions for use of the leased asset by the lessee do not comply with the terms of the leasing agreement or the purpose of the leased asset;
• b) if the lessee carries out subleasing without the consent of the lessor;
• c) if the lessee does not support the leased asset in in good condition which makes it worse consumer qualities; d) if the lessee fails to pay the fee for using the leased asset more than two times in a row after the expiration of the payment period established by the leasing agreement.

Termination of the leasing agreement by the lessee occurs by agreement of the parties. At the initiative of the tenant, the leasing agreement may be terminated early by the court in the event that: a) the property that is the subject of the leasing agreement, due to circumstances for which the lessor is responsible, is not transferred to the tenant within the period specified in the agreement, and if it is not specified, then reasonable time; b) the lessor does not carry out repairs to the property that are his responsibility; established by contract leasing period, and if such a period is not specified, then within a reasonable period.

One type of lease is financial lease (leasing). Found leasing in our country wide application recently. The term "leasing" means "to rent".

A leasing agreement is an agreement under which the lessor (hereinafter referred to as the lessor) undertakes to acquire ownership of the property specified by the lessee (hereinafter referred to as the lessee) from a seller specified by him and to provide this property to the lessee for a fee for temporary possession and use. The leasing agreement may provide that the choice of the seller and the purchased property is made by the lessor.

The lessor (lessor) can only be individual entrepreneur or a legal entity licensed to carry out activities in the field of leasing.

The leasing agreement has certain characteristics, highlighting it in separate species rental agreement.

1. As obligated person under a leasing agreement, along with the lessor and the lessee, the seller of the property also acts as its owner, not participating in the leasing agreement as a party to it.

2. The lessor is obligated to acquire ownership of property belonging to another person (seller). This duty the lessor is covered by the content of the obligation arising from the leasing agreement. When purchasing property for a tenant, the landlord must notify the seller that the property is intended to be leased.

3. Active role, usually unusual rental relations, in the lease obligation belongs to the lessee. It is the tenant (lessee) who determines the seller and indicates the property that must be purchased by the lessor (lessor) for subsequent lease. Naturally, the lessor is relieved of any responsibility for the choice of the rental item and the seller. An exception to this rule can only be the case when the leasing agreement assigns the responsibility for identifying the seller and selecting the property to the lessor (Article 665 of the Civil Code of the Russian Federation).

4. Special compared to general rules on rent set out in the Civil Code of the Russian Federation in the form dispositive norm the provision that the transfer of property leased under a leasing agreement to the lessee can be made by both the lessor and the seller of this property. However, liability for failure to perform or improper execution This responsibility, if the delay is due to circumstances for which the lessor is responsible, rests with the lessor. In this case, the tenant has the right to demand from the lessor termination of the contract and compensation for losses (clause 2 of Article 668 of the Civil Code of the Russian Federation).

Main forms of leasing is domestic and international leasing. When carrying out domestic leasing, both the lessor and the lessee must be residents Russian Federation, in case of international leasing, these entities are non-residents of the Russian Federation. Domestic leasing also includes agreements in which the seller is a non-resident of the Russian Federation.

The concluded leasing agreement may include conditions for the provision of additional services and additional work, the list, volume and cost of which are determined additional agreement. These works and services include works and services of any kind provided by the lessor both before the start of use and during the use of the leased asset, directly related to the execution of the contract.

Subjects of the leasing agreement landlord and tenant are recognized leased property, thereby emphasizing that a leasing agreement is one of the types of lease.

In a leasing agreement, the lessor is often commercial banks. Their participation in similar transactions is explained by the fact that leasing can be considered as a form financial transaction, the method of making investments. By purchasing equipment for the purpose of subsequent leasing, the bank invests capital, since leasing transaction ultimately comes down to credit transaction. The landlord provides the tenant financial assistance, since it acquires ownership of property for full price. The tenant uses this property by paying periodic payments to the landlord. Therefore, leasing is a special kind financial loan With certain conditions its repayment.

Subject of the agreement financial lease can be any non-consumable items used for entrepreneurial activity, except for land plots and other natural objects. Indication of an improper object in a leasing agreement indicates a different nature of the perfect agreement with the use of appropriate legal consequences as in civil - legal aspect, and for the purposes of other branches of legislation.

The leasing agreement, regardless of its term, must be concluded in writing. Moreover, the name of the leasing agreement determines its form, type and type. In other words, the parties must classify leasing as:

• internal or external;
• long-term, medium-term or short-term;
• financial, repayable or operational.

The essential terms of the leasing agreement include:

• subject of the leasing agreement;
• term of the contract (term of its validity);
• contract price (size and composition of lease payments);
• on whose balance sheet the property is located.

Contract time may be definite or indefinite. In the first case, the lease agreement is valid for the period specified in it. This period can be indicated by a period of time or by indicating the beginning and end of the contract.

It is necessary to distinguish between the duration of the contract and the period of use of the property. Since the agreement does not apply to real deals, then its beginning is not strictly associated with the moment of provision of property for use (transfer of the thing). Therefore, the moment of concluding the contract and the moment of beginning to use the property may not coincide, due to which the period of use of the property is less than the term of the contract itself. The beginning of the period of use of the leased property, and not the beginning of the contract at economic sense payment is conditional rental payments. In order to avoid a dispute between the parties, it is advisable to indicate the moment when the use of the property begins in the contract, especially if the property that is the subject of the lease does not allow you to begin using it immediately from the moment of its transfer.

The duration of the leasing agreement is ultimately determined by the terms of full depreciation (payback) of the leased asset, but is established by the parties to the agreement depending on the market situation, financial situation parties, the value of the leased property, the nature and magnitude of commercial risks, mandatory regulations of a regulatory nature.

Price is also essential condition leasing agreements. The price of a leasing agreement refers to leasing payments. Leasing payments mean total amount payments under the leasing agreement for the entire term of the leasing agreement, which includes reimbursement of the lessor's costs associated with the acquisition and transfer of the leased asset to the lessee, reimbursement of costs associated with the provision of other provided for by the agreement leasing services, as well as the income of the lessor.

FINANCE LEASE AGREEMENT (leasing)

(English to lease - to rent) - civil legal contract, under which the lessor (lessor) undertakes to acquire ownership of the property specified by the lessee (lessee) from a seller specified by him and to provide the lessee with this property for a fee for temporary possession and use for business purposes.

D.f.a. is a type of lease agreement and is subject to general provisions about the lease agreement. The peculiarity of a financial lease is that its subject is property specifically acquired by the lessor for the purpose of renting it out.

The meaning of such an agreement for the tenant is: in the opportunity to obtain expensive equipment without immediately paying its full cost (i.e., essentially on credit), and for the manufacturer-seller - on the contrary, in the opportunity to immediately receive the full cost of the equipment at the expense of the intermediary lessor (lessor). Therefore, banks, other credit organizations or organizations created by them often act as lessors here, thus receiving a profitable opportunity to invest free funds, i.e. essentially financing this deal.

Having originated in the USA in the middle of the last century, D.f.a. has been widely used in business practice companies from all countries,

Leasing, found recognition in judicial practice many countries that do not have special legislative regulation(USA, Germany, Japan, etc.), but in some countries special regulations on leasing relations (France - law of July 2, 1966; England - law on rent and sale of 1965). Wide use This type of agreement led to the development of the Convention on International Financial Leasing, signed in Ottawa on May 28, 1988, the main purpose of which is to eliminate legal barriers on his way.

World practice and doctrine distinguish two forms of leasing: financial leasing, sometimes called genuine leasing, and operational, or operational, leasing.

Unlike ordinary contract rental financial leasing covers a more complex set of economic relations, the participants of which are not two, but three parties:

the company is the manufacturer (supplier) of the machine or equipment, the leasing company (lessor) and the user company (lessee).

The operating lease agreement is concluded for a period significantly shorter full term property depreciation.

and upon its expiration, the property is re-rented. The tenant's right to acquire ownership of the property is excluded. The lessor is expected to provide services to maintain the property in working condition.

payment under a leasing agreement is also a redemption payment. If the lease agreement is concluded for a period significantly shorter regulatory period service of the relevant property, which implies the possibility of repeatedly leasing such property, the rules on leasing (financial lease) do not apply to it. In France and Belgium, the condition for the lessee to purchase the equipment at the end of the lease period is mandatory item leasing agreements, in the USA - included at the discretion of the parties; in the UK, on ​​the contrary, it is excluded by law.

A feature of the composition of the parties to the leasing agreement is the presence of three persons:

the seller (manufacturer) of the property, its purchaser - the lessor (lessor) and the lessee (lessee). The lessor enters into a purchase and sale agreement with the seller of the property intended for lease, and with the lessee - D.f.a. Conditions of two the said agreements are interconnected, and essentially the lessee of the property participates in the conclusion of the purchase and sale agreement as interested party. Although the tenant is not in contractual relations with the seller of the property, however, he is endowed with a number of rights and obligations in relation to him.

The lessor is a company that has a license to lease property. The lessee can be a legal entity engaged in business activities or an individual entrepreneur.

The subject of the agreement is any non-consumable things used for business activities, except for land plots and other related items;

native objects.

The main responsibility of the lessor is (in contrast to a regular lease agreement) to acquire ownership of the property chosen by the lessee from the seller specified by him on the basis of a purchase and sale agreement. The agreement may stipulate that the choice of the seller and the purchased property is carried out by the lessor himself.

The subject of the leasing agreement is transferred to the lessee directly by the seller of the property, and not by the lessor, unless otherwise provided by the agreement itself.

The usual obligations of the landlord (to carry out major repairs, warn the tenant about the rights of third parties to the leased property and reimburse the cost of agreed upon

inseparable improvements) in the leasing agreement are preserved unchanged. All normal tenant responsibilities are the same. In addition to these, the lessee bears the risk accidental death or damage to rented property.

If the seller and property are chosen by the tenant himself, the landlord is not responsible for its shortcomings. Accordingly, the tenant has the right to directly present to the seller of the property that is the subject of the D.f.a. the requirements arising from the purchase and sale agreement concluded between the seller and the lessor. In this case, the tenant has the rights and bears the obligations provided for by the Civil Code of the Russian Federation for the buyer, except for the obligation to pay for the acquired property, as if he were a party to the purchase and sale agreement said property. However, the tenant cannot terminate the purchase and sale agreement without the consent of the lessor. In relations with the seller, the tenant and the lessor bear joint liability. If the choice of the seller was made by the lessor, the lessee has the right, at his own discretion, to present the resulting claims. from the purchase and sale agreement, both directly to the seller of the property and to the lessor, who bear joint and several liability in relation to it.

Features of the conclusion of D.f.a. It also manifests itself in the obligation of the lessor to indicate in the purchase and sale agreement that the property is being acquired for the purpose of renting it out to such and such a person.

Lit.: Civil law in 2 volumes. Volume 2: Textbook. M., 1993; Civil law: Textbook. Part 2. Second edition/Edited by A.P. Sergeeva, Yu.K. Tolstoy. M., 1997; Civil and commercial law capitalist states: Textbook. M., 1993; Evstratov A. Leasing operations in foreign commerce//Material and technical supply. 1990, No. 1. P. 93-94; his: Leasing in the USSR. Prospects and reality//Material and technical supply, 1990, No. 2. P. 93;

Amurzhuev O. Leasing: development prospects//Economy and Law. 1991. No. 9. P. 49.

Encyclopedia of Lawyer. 2005 .

See what a “FINANCIAL LEASE AGREEMENT” is in other dictionaries:

Finance lease agreement- (English contract of leasing) in the Russian Federation, a civil law agreement, according to which the lessor (lessor) undertakes to acquire ownership of the property specified by the lessee (lessee) from a seller identified by him and... ... Encyclopedia of Law

See Lease Agreement... Legal dictionary

finance lease agreement Technical Translator's Guide

See Leasing Dictionary of business terms. Akademik.ru. 2001 ... Dictionary of business terms

- (LEASING AGREEMENT) according to civil law RF (see Art. 665 670 of the Civil Code of the Russian Federation) a type of lease agreement under which the lessor undertakes to acquire ownership of the property specified by the tenant from a seller specified by him and... ... encyclopedic Dictionary economics and law

Finance lease agreement- (leasing) - an agreement under which the lessor undertakes to acquire ownership of the property specified by the lessee from a seller specified by him and to provide the lessee with this property for a fee for temporary possession and use for... ... Commercial power generation. Dictionary-reference book

FINANCE LEASE AGREEMENT- an agreement under which the lessor undertakes to acquire ownership of the property specified by the lessee from a seller specified by him and to provide the lessee with this property for a fee for temporary possession and use for business purposes... Great Accounting Dictionary

FINANCE LEASE AGREEMENT- an agreement under which the lessor undertakes to acquire ownership of the property specified by the lessee from a seller specified by him and to provide the lessee with this property for a fee for temporary possession and use for business purposes... Large economic dictionary

finance lease agreement- see leasing agreement. * * * (English contract of leasing) in the Russian Federation, a civil agreement, according to which the lessor (lessor) undertakes to acquire the property specified by the tenant (lessee) ... Large legal dictionary

One type of lease is financial lease (leasing). In our country, leasing has found widespread use relatively recently. The term "leasing" means "to rent".

A leasing agreement is an agreement under which the lessor (hereinafter referred to as the lessor) undertakes to acquire ownership of the property specified by the lessee (hereinafter referred to as the lessee) from a seller specified by him and to provide this property to the lessee for a fee for temporary possession and use. The leasing agreement may provide that the choice of the seller and the purchased property is made by the lessor.

The lessor (lessor) can only be an individual entrepreneur or a legal entity that has a license to carry out activities in the field of leasing.

The leasing agreement has certain characteristic features that distinguish it as a separate type of lease agreement.

1. Along with the lessor and the tenant, the seller of the property, who is its owner and is not participating in the leasing agreement as a party, also acts as an obligated person under the leasing agreement.

2. The lessor is obligated to acquire ownership of property belonging to another person (seller). This obligation of the lessor is covered by the content of the obligation arising from the leasing agreement. When purchasing property for a tenant, the landlord must notify the seller that the property is intended to be leased.

3. An active role, usually unusual in rental relations, belongs to the lessee in the leasing obligation. It is the tenant (lessee) who determines the seller and indicates the property that must be purchased by the lessor (lessor) for subsequent lease. Naturally, the lessor is relieved of any responsibility for the choice of the rental item and the seller. An exception to this rule can only be the case when the leasing agreement assigns the responsibility for identifying the seller and selecting the property to the lessor (Article 665 of the Civil Code of the Russian Federation).

4. A special provision in comparison with the general rules on leasing, set out in the Civil Code of the Russian Federation in the form of a dispositive norm, is that the transfer of property leased under a leasing agreement to the lessee can be carried out by both the lessor and the seller of this property. However, responsibility for non-fulfillment or improper fulfillment of this obligation, if the delay is due to circumstances for which the lessor is responsible, rests with the lessor. In this case, the tenant has the right to demand from the lessor termination of the contract and compensation for losses (clause 2 of Article 668 of the Civil Code of the Russian Federation).

Main forms of leasing is domestic and international leasing. When carrying out domestic leasing, both the lessor and the lessee must be residents of the Russian Federation; when carrying out international leasing, these entities are non-residents of the Russian Federation. Domestic leasing also includes agreements in which the seller is a non-resident of the Russian Federation.

The concluded leasing agreement may include conditions for the provision of additional services and additional work, the list, volume and cost of which are determined by the additional agreement. These works and services include works and services of any kind provided by the lessor both before the start of use and during the use of the leased asset, directly related to the execution of the contract.

Subjects of the leasing agreement the lessor and the lessee of the leased property are recognized, thereby emphasizing that the leasing agreement is one of the types of lease.

In a leasing agreement, commercial banks often act as lessors. Their participation in such transactions is explained by the fact that leasing can be considered as a form of financial transaction, a way of making capital investments. By purchasing equipment for the purpose of subsequent leasing, the bank invests capital, since the leasing transaction ultimately comes down to a credit transaction. The landlord provides financial assistance to the tenant, since he acquires ownership of the property at full cost. The tenant uses this property by paying periodic payments to the landlord. Consequently, leasing is a special type of financial loan with certain conditions for its repayment.

Subject of the agreement financial lease can be any non-consumable things used for business activities, except for land and other natural objects. Indication of an improper object in a leasing agreement indicates a different nature of the completed agreement with the application of appropriate legal consequences both in the civil legal aspect and for the purposes of other branches of legislation.

The leasing agreement, regardless of its term, must be concluded in writing. Moreover, the name of the leasing agreement determines its form, type and type. In other words, the parties must classify leasing as:

• internal or external;
• long-term, medium-term or short-term;
• financial, repayable or operational.

The essential terms of the leasing agreement include:

• subject of the leasing agreement;
• term of the contract (term of its validity);
• contract price (size and composition of lease payments);
• on whose balance sheet the property is located.

Contract time may be definite or indefinite. In the first case, the lease agreement is valid for the period specified in it. This period can be indicated by a period of time or by indicating the beginning and end of the contract.

It is necessary to distinguish between the duration of the contract and the period of use of the property. Since the contract does not relate to real transactions, its beginning is not strictly associated with the moment of provision of property for use (transfer of the thing). Therefore, the moment of concluding the contract and the moment of beginning to use the property may not coincide, due to which the period of use of the property is less than the term of the contract itself. The payment of rental payments is determined by the beginning of the period of use of the leased property, and not the beginning of the contract in the economic sense. In order to avoid a dispute between the parties, it is advisable to indicate the moment when the use of the property begins in the contract, especially if the property that is the subject of the lease does not allow you to begin using it immediately from the moment of its transfer.

The duration of the leasing agreement is ultimately determined by the terms of full depreciation (payback) of the leased asset, but is established by the parties to the agreement depending on the market situation, the financial situation of the parties, the value of the leased property, the nature and magnitude of commercial risks, and mandatory regulations of a regulatory nature.

Price It is also an essential condition of the leasing agreement. The price of a leasing agreement refers to leasing payments. Leasing payments mean the total amount of payments under the leasing agreement for the entire term of the leasing agreement, which includes reimbursement of the lessor's costs associated with the acquisition and transfer of the leased asset to the lessee, reimbursement of costs associated with the provision of other services provided for in the leasing agreement, as well as the lessor's income.