THE ROLE OF LEASING IN THE SUSTAINABLE DEVELOPMENT OF GEORGIAN AIR TRANSPORT

Abstract

The economic-legal relations related to leasing are ancient and have been developing for centuries, with the support of state programs to stimulate leasing relations. All economic-legal relations related to leasing belong to the new or recent period of history. Historical documents testify that lease has been known to man since time immemorial.

The idea of leasing is old, but the term “leasing” was formed in this form late. Information about the essence of leasing transactions comes from the era of Aristotle (384-383-322 BC to AD). It is to him that the very owen quoted phrase belongs, “Wealth is in use, not ownership”.

The first actual leasing transaction is documented in 1066, when William the Conqueror leased ships to Norman shipowners to conquer the British Isles. One of the first statutory acts regulating leasing-like relations in Great Britain, the “Welsh Canon” was adopted in 1284.With the development of industry in Great Britain at the beginning of the 19th century, the number of products that were leased also increased. Companies emerged whose sole purpose was the leasing of locomotives and railcars. When drawing the contracts, they included the right to purchase (option), which would be presented to the lessee at the end of the leasing period. The reason for such an addition to the contract was that the users of the equipment treated the wagons with much more attention when they imagined themselves as their owners in the future, and such contracts received the name of “lease-sale”.