01 April 2009
This kind of hiring of equipment falls under the category of "Operating lease",(Supply of Tangible Goods for Use Service) which can be defined as :
Operating lease is a contract between the lessor and lessee such that the cost of the asset is not fully recovered from a single lessee. This means that the period of the lease will be shorter since the lessor will recover the cost of the asset from multiple lessees. Repair and maintenance of the asset is the lessor's responsibility.
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