The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
This Practice Note looks at the main characteristics of an operating lease and the key advantages of a lease of this nature in comparison to a finance or capital lease:
for more information on finance leases, see Practice Note: Finance Leases
for an illustration of the key characteristics of operating and finance leases, see Practice Note: Lease finance structures, and
for information on alternative structures, see Practice Note: Alternative Leasing Structures
An operating lease is generally for a short term (less than 10 years) and runs for less than the full economic life of the asset. The key difference between an operating lease and a finance lease is that under an operating lease the risk in relation to the value of the equipment throughout the lease period falls upon the lessor rather than the lessee.
Once the initial lease period has come to an end, the lessee will return the equipment to the lessor or, alternatively, the parties may negotiate and agree terms for the continued use of the asset by the lessee and a further lease period will commence. The level of the costs for any additional lease period will reflect the market value of the equipment at the time of the negotiation, as well as the availability and costs of obtaining any alternative or replacement equipment. The negotiations take place
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Community order requirementsCommunity order requirements are set out in the Criminal Justice Act 2003 (CJA 2003), as amended by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO 2012) and the Offender Rehabilitation Act 2014 (ORA 2014). Criminal Justice Act 2003, s 152(2)
0330 161 1234
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