| Term | Operating lease | | Definition | An operating lease is an agreement between a lessor and lessee for the rental of machinery or equipment for specified periods of time which are shorter than the total expected service lives of that machinery or equipment; the lessor normally maintains a stock of equipment in good working order which can be hired on demand, or at short notice, by users and is frequently responsible for the maintenance and repair of the equipment as part of the service which he provides to the lessee. | | Paragraphs | 6.115.;6.116. |
|
|
