Article 15. Lease Agreement of the Financial Leasing Act

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1. Under the lease agreement, the lessor undertakes to transfer the leased item acquired from the seller and agreed with the lessee to the temporary possession and use of the lessee for a fee.

2. The lease agreement must contain the following essential conditions:

1) the subject of the contract;

2) the name of the seller of the leased item, indicating by whom the seller and the leased item were selected;

3) conditions and term of transfer of the leased item to the lessee;

4) the amount and frequency of lease payments;

5) the cost of the leased item;

6) the term of the agreement;

7) the conditions for the transfer of the leased object to the ownership of the lessee, if such a transfer is provided for by the contract;

8) description of the leased item;

9)-13) (excluded)

In the absence of these conditions, the lease agreement is considered not concluded.

3. By agreement of the parties, other terms may be included in the lease agreement.

4. The lease agreement must be concluded in writing. Failure to comply with the written form of the lease agreement entails its nullity.

The Law of the Republic of Kazakhstan dated July 5, 2000 No. 78.

This Law regulates relations arising in the process of financial leasing and is aimed at attracting investments based on leasing activities.

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