FINANCE LEASE
i. Statement to the effect that the lease is Finance Lease
ii. Description of the asset to be leased
iii. Total rental or instalmental lease rental payable by the lessee
iv. The date which rental is payable
v. The estimated price of the equipment
vi. Statement as to the knowledge of the supplier of the asset that it is for a lease transaction.
vii. A clause affirming the title of the lessors
viii. On termination by expiry of time, unless a renewal is granted or the lessor agrees to sell, the lessee shall return the asset.
ix. Acknowledgement from the lessee that the lease is a full pay out, non cancellable agreement.
x. A statement as to whether or not the lessee selected the equipment or supplier/manufacturer with or without relying on the skill and judgment of the lessor
OPERATING LEASE
i. Statement to the effect that the lease is Operating Lease
ii.Description of the asset to be leased
iii. Total rental or instalmental lease rental payable by the lessee
iv. The date which rental is payable
v. A clause affirming the title of the lessors
vi. On termination by expiry of time, unless a renewal is granted or the lessor agrees to sell, the lessee shall return the asset.