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12-03-2024
Law

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Leoni Ltd has entered into two agreements as identified below:

Agreement 1: Leoni Ltd has signed a contract to lease a truck for a non-cancellable term of 12 months. There is an option to extend the lease for another 12 months at usual market rates.

Agreement 2: Leoni Ltd has signed a contract to lease machinery for a non-cancellable period of 11 months. There is an option to extend the lease for another 13 months at 80

What is the 'lease term' in each of the above agreements?

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