The Risks of the Leasing Contract

Getting started with the leasing contract

The leasing is a complex, original, by itself contract, governed by the laws in force in Romania and Romania after the accession date, assuming specific legal relations arising between the contracting parties. Leasing can be defined both in economic and legal.

From an economic perspective, leasing is a financing transaction in which the sponsor provides the necessary funds for the entire investment.From a legal perspective, leasing is a complex contract that allows a person to obtain and use something without paying the price immediately.

In Romania, the leasing contract is regulated by Government Ordinance 51 / 1997, republished in the Official Gazette no. 9 on 12/01/2000, leasing operations making a new category of acts of trade in addition to those provided for in art. 3 Commercial Code. Leasing is a commercial contract and therefore fall under the facts of commerce. The leasing are those contractual relations, under which some called lessor (financier), transmit a period of time, the right to use immovable whose owner is to another part-user, in exchange to the payment called periodic leasing rate with the user's right to choose to purchase the property, return it, or extension of contract.

Leasing involves basically two contracts: one for sale - purchase agreement between the producer as seller and the leasing company, which credits the leasing transaction as a buyer and a rental contract between the leasing company and a third beneficiary.

2. Leasing- international and commercial contract

2.1 Prior specifications

Thanks to the development and evolution of society, today we are witnesses to a continuous multiplication and diversification of international commercial agreements that individuals and / or legal persons conclude between them.

The current requirements in the business world, imposes elaborate techniques and concepts that led to the emergence of new commercial contracts.

In the modern world, business people wanted to equip companies with modern equipment and facilities, while the technologic system became worn and no longer correspond in terms of performance and the acquisitions of new machinery meant a financial effort too high, leasing fashion has proved to be the useful, flexible and profitable form of international trade.

Between the legal realities of international trade, leasing has proven to be the most important means of investment financing of goods and services.

The Leasing contract beside Factoring contract, construction - assembly, international travel contract is part of international group of complex contracts.

The first act of leasing is considered to be the business with trains of the United Kingdom 1840 and is the first leasing company is that established in 1855 and called "The Wagon Company Birminngham".

2.2 Legal nature of the leasing contract

Leasing is an international trade contract concluded with the agreement of will, made between two or more participants in international trade. The complexity and the originality of such contract is marked by the fact that in the interval between the conclusion and ceasing of its several stages are distinguished:

- A buy sell contract concluded by the producer, the seller and the leasing company that will credit the actual leasing operation as a buyer, person who buys the property to rent to a user / client.