LAW OF TURKMENISTAN

of February 4, 2017 No. 497-V

About lease

This Law regulates economic, legal and organizational basis of the rent relations and is aimed at market development of rent services in Turkmenistan.

Chapter I. General provisions

Article 1. Basic concepts

1. In this Law the following basic concepts are used:

1) lease – transfer by the owner of property (including the earth, other isolated natural resources) or to the physical and (or) legal entity of certain property or its part authorized by it person in paid temporary use for independent implementation of economic or other activity based on the lease agreement;

2) the lease agreement – the agreement signed between the lessor and the lessee about transfer to the temporary paid use of certain object of lease directed to establishment of economic and other relations, and also rights and obligations of contracting parties;

3) the lessor – the owner or person authorized by it giving (transferring) to the physical and (or) legal entity to paid use object of lease;

4) the lessee – the physical and (or) legal entity of Turkmenistan, foreign state and the stateless person, and also the foreign state or the international organization using (using) object of lease;

5) the rent – the fixed payment paid by the lessee according to the lease agreement to the lessor for use of object of lease in cash and (or) by agreement of the parties natural forms;

6) the sublease – transfer by the lessee with the consent of the lessor of leased property or its part to the third party in lease;

7) lease right assignment – transfer by the lessee of the right of lease to use to the third party during lease validity;

8) hire – special type of lease when lessor is person which is constantly performing business activity in the form of short-term (hourly) leasing for a fee in use of stock, other property of consumer appointment.

2. In this Law other concepts are used in the values determined by civil and other legislation of Turkmenistan, and also the relevant articles of this Law.

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