This is an equipment/technology lease. The vendor leases the equipment/technology to the lessee, and is responsible for delivery. The document contains clauses on rent, term of the lease, purchase option, substitution, and all other terms common to such an agreement.
Kentucky Equipment Technology Lease
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The two most common types of leases are operating leases and financing leases (also called capital leases). In order to differentiate between the two, one must consider how fully the risks and rewards associated with ownership of the asset have been transferred to the lessee from the lessor.
Leasing capital equipment: Lowers upfront costs, compared to buying equipment outright. Reduces the chance that your company gets stuck with obsolete equipment, if your contract specifies upgrades. Transfers the cost of equipment maintenance to the leasing company, again ing to the terms of your contract.
GE Capital Equipment Finance Ltd. provides for the lease of equipment. The Company offers lease options on equipment purchases such as equipment related to telecommunications, information technology, manufacturing, construction, and transportation.
Lease extensions, renewals, lease rolls, equipment upgrades, and other forms of continued payments are the most common source of lessor profitability. Leasing companies accomplish this goal through carefully crafted contract provisions.
Equipment Lease Types Operating Leases. An operating lease is a contract that permits one company to use another company's equipment in exchange for fixed monthly payments over a specific period of time. ... Finance Leases (or Capital Leases) ... $1 Buyout Lease. ... Purchase Option Lease. ... Sale-Leaseback (or Leaseback) ... TRAC Lease.
Any lease requires two key players. One is the lessor, the party that has an asset available for leasing, and the other is the lessee, the party that pays to use the asset. This lessee vs. lessor dynamic is at the core of lease accounting.
Renting is a better option when you need the asset for a short time or when the business is not sure about the future use of that particular asset. Leased equipment, on the other hand, allows you to avoid significant down payments and save much-needed funds.
A capital lease is considered a purchase of an asset, while an operating lease is handled as a true lease under generally accepted accounting principles (GAAP).
