LAW OF THE REPUBLIC OF UZBEKISTAN

of April 14, 1999 No. 756-I

About leasing

Article 1. Legislation on leasing

The legislation on leasing governs the relations arising when implementing leasing and consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about leasing then are applied rules of the international treaty.

Article 2. Concept of leasing

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. At the same time the agreement of leasing shall answer one of the following requirements:

upon termination of the term of the agreement of leasing object of leasing carries over the leasing recipient;

the term of the agreement of leasing exceeds 80 percent of service life of object of leasing or residual cost of object of leasing upon termination of the agreement of leasing makes less than 20 percent of its original cost;

upon termination of the term of the agreement of leasing the leasing recipient has repurchase right of object of leasing at the price below market value of object of leasing for date of realization of this right;

the current discounted value of leasing payments for the period of the agreement of leasing exceeds ninety percent of current value of object of leasing at the time of transfer in leasing. The current discounted value is determined according to the legislation on financial accounting.

Leasing is performed on tripartite (the seller - the lessor - the leasing recipient) or bilateral (the lessor - the leasing recipient) to the agreement of leasing.

In case of the conclusion of the bilateral agreement of leasing between the lessor and the seller the sale and purchase agreement of object of leasing is in addition signed.

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