Finance Leasing Act 2000 · As enacted · Part II · Duties of Lessors, LessuEs AND SUPPLIERS
17. Supply Agreement
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
A lessor shall not enter into a supply agreement with a supplicr for the supply of an equipment under a finance
equipment
“equipment” means any tangible asset which has an economically useful life of more than one year and does not include land, any improvements made to land other than fixtures or immovable property attached to land which can be removed from the land without substantial destruction to such fixture or immovable property;
Icasc, until the lessee agrees in writing with the terms, conditions, warrantics and specifications specilied in such agreement.
lessee
“lessee”, in relation to a fiance lease, means a person who acquires a right to possession and use of an equipment under the lease;
Where a lessor has entered into a supply agreement in accordance with the provisions of subsection (1) and the equipment specified in the agreement is delivered at or before the time fixed under such agreement, the lessee shall accept the equipment supplied, if the equipment conforms to the terms, conditions, warranties and specifications specified in the agreement.