The Lease Purchase Agreement is a versatile legal instrument commonly used in Singapore for structured asset acquisition. This document type combines the immediate use of an asset with a pathway to ownership, making it particularly valuable for businesses and individuals seeking flexible financing options. The agreement typically specifies lease terms, purchase options, maintenance responsibilities, and transfer conditions, all governed by Singapore law. It's especially useful when immediate purchase isn't feasible or desired, offering a balanced approach to asset acquisition while ensuring compliance with Singapore's legal framework.
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1. Parties: Identification and details of lessor and lessee
2. Background: Context of the agreement and basic transaction structure
3. Definitions: Key terms used throughout the agreement
4. Asset Description: Detailed description of the asset being leased with option to purchase
5. Lease Terms: Duration, payment schedule, and maintenance obligations
6. Purchase Option: Terms and conditions for exercising the purchase option
7. Title and Risk: Transfer of ownership conditions and risk allocation
8. Termination: Circumstances and procedures for early termination
9. Governing Law: Specification of Singapore law as governing law
1. Insurance: Insurance requirements for high-value assets - include when asset value exceeds certain threshold or requires specific insurance
2. Security Deposit: Terms relating to security deposit - include when security deposit is required
3. Maintenance and Repairs: Detailed maintenance obligations - include for complex equipment or property
4. Assignment: Rights to assign the agreement - include when assignment might be contemplated
1. Payment Schedule: Detailed breakdown of lease payments and purchase option price
2. Asset Specification: Detailed technical specifications of the asset
3. Condition Report: Initial condition assessment of the asset
4. Maintenance Schedule: Required maintenance intervals and procedures
5. Form of Transfer: Template for transfer of title upon exercise of purchase option
Relevant legal definitions
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