ABSTRACT
The Leasing Convention contains a number of interesting and innovative solutions to reflect the commercial realities of a financial leasing transaction. The requirement of internationality in the Leasing Convention is that lessor and lessee must have their places of business in different States. Reflecting the general principle of party autonomy in International Commercial Law, the Convention can be excluded from applying to a finance lease to which it would otherwise apply, but only if all the parties to both the supply agreement and the leasing agreement agree to do so. A number of issues regarding the position of the lessor are addressed in the Convention. The first aspect is the protection of the lessor’s rights and interests as owner of the equipment subject to the leasing agreement, and therefore the lessor’s financial interest. The second aspect concerns the lessor’s liability for the equipment itself.
