W. Va. Code R. § 170-6-21 - Lease Purchases
21.1. A lease
purchase contract is a contract that includes periodic lease payments, and in
some cases a final lump sum payment, with ownership of the equipment being
vested in the Division immediately or at the lease term expiration. The minimum
purchase cost to consider a lease-purchase as an option is $500,000.00 unless
the Director grants an exception to this minimum amount. A letter of
justification must be prepared, signed by the Purchaser and submitted to the
Procurement Section or the DAS - Purchasing Section prior to any attempt to
enter into a Lease Purchase.
Notes
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