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Unidroit Convention on International Financial Leasing (20 May 1988)

[Preamble]

CHAPTER I - SPHERE OF APPLICATION AND GENERAL PROVISIONS

Article 1

Article 2

Article 3

Article 4

Article 5

Article 6

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 7

Article 8

Article 9

Article 10

Article 11

Article 12

Article 13

Article 14

CHAPTER III - FINAL PROVISIONS

Article 15

Article 16

Article 17

Article 18

Article 19

Article 20

Article 21

Article 22

Article 23

Article 24

Article 25

[Post Provisions]

[Post Clauses (If any: Signed; Witnessed; Done; Authentic Texts; & Deposited Clauses)]

Metadata

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Manifest

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Unidroit Convention on International Financial Leasing (20 May 1988)

UNIDROIT

copy @ Lex Mercatoria

Unidroit Convention on International Financial Leasing (20 May 1988)

CHAPTER II - RIGHTS AND DUTIES OF THE PARTIES

Article 12

1. - Where the equipment is not delivered or is delivered late or fails to conform to the supply agreement:

(a) the lessee has the right as against the lessor to reject the equipment or to terminate the leasing agreement; and

(b) the lessor has the right to remedy its failure to tender equipment in conformity with the supply agreement, as if the lessee had agreed to buy the equipment from the lessor under the same terms as those of the supply agreement.

2. - A right conferred by the previous paragraph shall be exercisable in the same manner and shall be lost in the same circumstances as if the lessee had agreed to buy the equipment from the lessor under the same terms as those of the supply agreement.

3. - The lessee shall be entitled to withhold rentals payable under the leasing agreement until the lessor has remedied its failure to tender equipment in conformity with the supply agreement or the lessee has lost the right to reject the equipment.

4. - Where the lessee has exercised a right to terminate the leasing agreement, the lessee shall be entitled to recover any rentals and other sums paid in advance, less a reasonable sum for any benefit the lessee has derived from the equipment.

5. - The lessee shall have no other claim against the lessor for non-delivery, delay in delivery or delivery of non-conforming equipment except to the extent to which this results from the act or omission of the lessor.

6. - Nothing in this article shall affect the lessee's rights against the supplier under Article 10.


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