RESOLUTION OF THE PLENUM OF THE SUPREME ECONOMIC COURT OF THE REPUBLIC OF UZBEKISTAN

of November 27, 2015 No. 289

About some questions of application by economic courts of the regulations of the legislation governing the leasing relations

For the purpose of ensuring the correct and uniform application by economic courts of the regulations of the legislation governing the leasing relations, being guided by article 47 of the Law of the Republic of Uzbekistan "About courts", the Plenum of the Supreme Economic Court of the Republic of Uzbekistan decides:

1. Draw the attention of courts that the relations following from leasing agreements are regulated by the Civil code of the Republic of Uzbekistan (further - group of companies), the Law of the Republic of Uzbekistan "About leasing" (further - the Law) and other acts of the legislation.

2. According to part one of Article of 2 Zakona leasing - special type of finance lease in case of which one party (lessor) at the request of other party (leasing recipient) acquires at the third party (seller) in property the property (object of leasing) caused by the agreement of leasing and presents him to the leasing recipient for a fee on the conditions defined by such agreement in ownership and use for the term exceeding twelve months.

In case of calculation of terms courts shall consider that the duration of the agreement is considered to equal 12 months if validity begins from the corresponding day of certain month of the current year and comes to an end in the prior afternoon of this month of the next year (for example, from February 5, 2017 to February 4, 2018).

It is provided in part one of Article 364 of group of companies that the agreement is considered the prisoner if between the parties in the form required in the subject cases the agreement on all essential terms of the contract is reached.

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