The agreement on creation of favorable legal, economic and organizational conditions for expansion of leasing activities in the Commonwealth of Independent States

of October 12, 2005

The State Parties of the Commonwealth of Independent States on behalf of the governments which further are referred to as with the Parties

proceeding from importance of tasks of activation in the Commonwealth of Independent States of the leasing activities which are one of the most effective mechanisms of technological updating of production base of economy of the State Parties of the CIS;

being guided by the Plan of realization of the major actions aimed at the development and increase in efficiency of interaction of the State Parties of the CIS in the economic sphere in 2003 - 2010, the approved Decision of Council of heads of states of the CIS of September 19, 2003;

wishing to promote creation of legal, economic and organizational conditions for mutually advantageous leasing of the machinery and equipment effective, equal and corresponding to world practice of international leasing in the State Parties of the CIS, and also to forming of the efficient mechanism of protection of the rights and interests of subjects of interstate leasing in the Commonwealth of Independent States,

agreed about the following:

Section I. General provisions

Article 1. Main terms

In this agreement the terms below are used in the following value:

leasing - set of the economic and legal relations arising in connection with implementation of the agreement of leasing, including acquisition of subject of leasing;

the agreement of leasing - the agreement according to which the lessor shall provide for a fee in temporary ownership and use to the leasing recipient the property acquired by it according to the purchase and sale agreement in property at the seller (supplier) at the choice of the leasing recipient for the purpose of profit earning, the income or achievement of other useful effect. The agreement of leasing can provide that the choice of the seller (supplier) and acquired property is performed by the lessor;

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