Finance Leases. These are similar to hire purchase agreements. The lessee (the person who leases the equipment from someone else) is responsible not just for maintaining the equipment but also for insurance, repairs and so on. At the end of the lease the equipment becomes the property of the lessee. The costs of leasing equipment under a finance lease are not eligible. Rather, the item leased should be treated as a fixed asset and depreciated (the loss in its value) in line with the organisation’s accounting policy.
Appears in 13 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
