open-end lease
- A contract where the cost due at the end is dependent on the difference between the projected worth of the leased property and its actual value at that time, allowing for potential refunds if the actual value exceeds the projected worth
- The company signed an open-end lease for the office building, knowing the final cost would depend on its future value.
- The construction equipment was leased under an open-end lease, making the final amount dependent on its value at lease end.
- The open-end lease ensured they might get a refund if the car's value at the end of the lease was higher than projected.
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