(1) A finance lease agreement shall contain

(a) a statement of the price of the asset and the total lease rentals payable under the finance lease agreement,

(b) the amount of each rental by which the total lease rental is to be paid and the date or the mode of determining the date on which each rental instalment is payable,

(c) a description of the asset to which the finance lease agreement relates sufficient to identify it,

(d) a clause that the lessee acknowledges, confirms and declares that the lessee holds the asset as a mere bailee of the lessor and that the lessee does not have a proprietary right, title or interest in the due asset during the entire period of the lease,

(e) a clause that the lessee confirms and acknowledges that the lessee shall pay to the lessor, lease rentals as mentioned in the finance lease agreement,

(f) a clause that the lessee confirms and acknowledges that the finance lease agreement is a full pay-out non-cancellable agreement and that the lessee does not have a right to surrender the asset during the tenure of the finance lease agreement, and

(g) a clause that on determination of the finance lease agreement by expiry of time, unless a renewal is granted or the lessor agrees to sell the asset to the lessee, the lessee shall deliver to the lessor the asset in good order and condition, ordinary wear and tear excepted.

(2) A copy of the finance lease agreement shall be delivered or sent to the lessee within fourteen days after the making of the agreement