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EQUIPMENT PROCEDURES MANUAL - page 15 / 86

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NCCCS EQUIPMENT MANUAL

  • II.

    RENTALS or LEASES, LEASE-PURCHASES, INSTALLMENT-PURCHASES

    • A.

      Definitions

      • 1.

        Lease or Rental Contracts

Contracts used to lease or rent items for a specific period of time with no intent to own the items or have a vested interest in the items, at the end of the contract period. Both lease and rental have the same general meaning. (Rent is usually for a short-term while a lease is usually for a longer term.)

2. Lease-Purchase Contracts

Contracts used to lease or rent items for a specific period of time that includes or implies an option to purchase the item at the end of the contract period.

3. Installment-Purchase Contracts

Contracts used to purchase items over a specific period of time, with title to the items going to the college at the end of the contract period.

  • B.

    Guidelines and Procedures

    • 1.

      Lease or Rental Contracts

There is no reference in the General Statutes as to the procedures that community colleges should use to enter into lease or rental contracts. Given this lack of procedures, it is strongly recommended that each college establish its own written procedures for entering into lease or rental contracts and pattern those procedures after the same procedures for purchasing supplies, equipment, and materials. Community colleges do not have to seek the approval of P&C to enter into lease or rental contracts. Where P&C has a term rental contract, you are encouraged to use that contract.

9

Oct.2001

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