Equipment Finance and LeasingLaws in India
Find Equipment Finance and Leasing expert lawyer in India.
What is Equipment Finance and Leasing?
What is an Equipment?
What is a Lease?
What is Financial Leasing?
Equipment Finance and Leasing speeds up the normal transactions in commercial world and thus boosts the growth in business. Since it affects the business cycle in a big way, and it is used generally by the SMES to establish and build themselves up, so the lawmakers have kept it open for the partied to decide.
Vidhikarya will help you find a most suitable lawyer, for you in your city, who will be able to answer all your Equipment Finance and Leasing related queries, whether you are the c or payee, and also guide you on how to resolve this matter with ease.
About Equipment Finance and Leasing
Equipment are machinery which are required to convert the raw materials in to finished products so that they fetch a higher market price when sold to the consumers and in order to have the finished product of the desired quality which meets the taste and preferences of the consumers new and emerging techniques are required which are coupled in the form of a machinery and they are very costly. For small businesses mostly the SMEs it is not possible to purchase the same by cash as they have very little working capital and thus in order to overcome this situation there is an option of Equipment finance.
Leasing is the way by which the Right to use of a property is transferred from the owner of the property called the Lessor and to whom the same is transferred is called the Lessee. Only the right to use the property is transferred and not the ownership with limited/restrictive use which is not in the nature of restriction to enjoyment of the property but only for sub – leasing or other use as agreed between the lessor and lessee.
Financial leasing refers to a 'distinctive triangular relationship' requiring three discrete parties: (1) a lessor who propels reserves for the buy of the equipment which constitutes the subject of the leasing exchange, (2) a lessee who chooses the equipment and pays a rental charge for the privilege to utilize it, and (3) a supplier who pitches the equipment to the lessor. Financial leasing additionally connects two independent, yet interrelated, and gets: a leasing agreement between the lessor and lessee, and a supply understanding between the supplier and lessor.
So, what Vidhikarya can do for you is that it will help you in finding and engaging a right and suitable lawyer for your cause.
We at Vidhikarya endeavour to help you and assist you in finding the right lawyer in your city or otherwise so that you can go ahead and peacefully get your legal matter resolved. You do not have to worry on how to hire a lawyer or find an advocate for your matter. You can simply dump the question of “find an advocate in my city” to Vidhikarya and just relax.
What are the applicable laws to Equipment Finance and Leasing?
Indian Contract Act, 1872
Since, there are no direct laws, and Equipment finance and leasing being contractual relationships are governed by the said act. As per the said act, an agreement which is enforceable in law is a contract.
The General Clauses Act, 1897
The said act applies to documents which means to include any matter written, expressed or described upon any substance by means of letters, figures or marks, or by more than one of those means which is intended to be used, or which may be used, for the purpose or recording that matter.
Some important facts about Equipment Finance and Leasing
The Offences in relation to Equipment Finance and Leasing is rectifiable
The offence is rectifiable by making good the loss sustained by the other party due to the non-fulfilment of promises by one party.
The matter can be resolved without going to Court
In case of any discrepancy or disagreement between the parties the matter can be resolved faster without going to court.
Rights and obligations of the parties
The rights and obligations of the parties are well decided in advance.
Important Events for triggering action under Equipment Finance and Leasing
1. The non-fulfilment of the terms of contract must take place which is the result of the default of at least one of the parties.
2. The contract becomes voidable.