Question: What Is The Difference Between Lease And Rent Of An Asset, And Which Is Better?

Adekunle Ojo, Ibadan

Answer: When it is not desirable or possible to purchase an asset, leasing or renting provides a ready option.

A lease or rental are similar, in the sense that they give access to an asset for a set time. But they are not exactly the same. What are the differences between lease and rent, and how can they shape your decision to lease or rent an asset?

Leasing: A lease is a contract to rent an asset for an agreed time and terms of payment. A lease outlines the allowed use and maintenance of the asset, which could be land, building, machinery or similar items of value. The lessor (owner of the asset) and the lessee (user of the asset) agree to act as prescribed by the terms of the lease, failing which they will incur penalties. Click [url=]here [/url] to continue reading

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