UNIDROIT Convention on International Financial Leasing

General Detail

General Information

  1. Type: Convention
  2. Date of signature:
  3. Place of signature: Ottawa, Canada
  4. Depositary:
  5. Date of entry into force: 01/05/1995

Category

Contracts

Sub category

Leasing/Factoring

Groups

UNIDROIT

What is it about?

Leasing is a way of financing assets that is widely used throughout the world today. It consists for one party (the lessor) in acquiring assets from one or more suppliers on the instructions of another party (the lessee) and in granting to the lessee the use, but not the ownership, of these assets for an agreed length of time in return for the payment of the agreed rentals. The lessor also grants to the lessee the option to buy the assets at the close of the leasing period for a residual price including rentals paid. This Convention is designed to remove legal impediments to the international financial leasing of equipment. The provisions are taken largely from the internal laws of a majority of States and address care of equipment, late delivery, unpaid rentals and interest as well as breach of contract.

Why is it relevant?

The Convention removes certain legal impediments to the international financial leasing of equipment, while maintaining a fair balance of interests between the different parties to the transaction. It encourages international leasing and international trade.

Additional Information

A Contracting State may declare at the time of ratification that it will substitute its domestic law if its domestic law does not permit the lessor to exclude its liability for its default or negligence.

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Country ratifications
CountryRatification date
Belarus18/08/1998
France23/09/1991
Hungary07/05/1996
Italy29/11/1993
Latvia06/08/1997
Nigeria25/10/1994
Panama26/03/1997
Russian Federation03/06/1998
Ukraine05/12/2006
Uzbekistan06/07/2000
Treaties analysis
YearRatifications
19911
19931
19941
19961
19972
19982
20001
20061
Total10
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