Operating lease

• Short-term, cancelable lease. A type of lease in which the period of contract is less than the life of the equipment and the lessor pays all maintenance and servicing costs.

• A cancellable contractual arrangement whereby the lessee agrees to make periodic payments to the lessor, often for five or fewer years, to obtain the use of an asset; generally, the total payments over the term of the lease are less than the lessor's initial cost of the leased asset.

 Embedded terms in definition
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