Financial Lease Contracts are essential instruments in Singapore's commercial landscape, commonly used for financing significant asset acquisitions while maintaining tax efficiency and balance sheet optimization. These contracts, governed by Singapore law, enable businesses to access and use assets without immediate full payment, spreading costs over time. A Financial Lease Contract typically features a non-cancellable term, full amortization of the asset's cost, and may include a purchase option at lease end. The document must comply with Singapore's robust financial services regulations, including MAS guidelines and the Hire-Purchase Act.
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1. Parties: Identification and details of the lessor and lessee
2. Background: Context of the lease arrangement and brief description of the asset
3. Definitions: Key terms used throughout the agreement
4. Asset Description: Detailed description of the leased asset including specifications and condition
5. Lease Term and Payments: Duration of lease and payment schedule including amounts
6. Delivery and Acceptance: Terms regarding delivery and acceptance of the asset
7. Insurance and Maintenance: Requirements for insurance coverage and maintenance responsibilities
8. Default and Remedies: Consequences of default and available remedies
9. Governing Law: Specification of Singapore law as governing law
1. Purchase Option: Terms for purchasing the asset at end of lease (include when offering purchase option to lessee)
2. Assignment: Rights and restrictions regarding assignment of lease (include when assignment rights are relevant)
3. Tax Provisions: Specific tax arrangements and responsibilities (include for complex tax situations or cross-border leases)
4. Force Majeure: Provisions for unforeseen circumstances (include when specific risk allocation is needed)
1. Payment Schedule: Detailed breakdown of payment amounts and dates
2. Asset Specification: Technical specifications and details of the leased asset
3. Condition Report: Initial condition assessment of the asset
4. Insurance Requirements: Detailed insurance specifications and requirements
5. Maintenance Schedule: Required maintenance activities and timeline
6. Return Conditions: Specified conditions for asset return at lease end
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