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  • Lend-Lease

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    President Roosevelt signs the Lend-Lease bill to give aid to Britain and China (1941). The Lend-Lease policy, formally titled An Act to Promote the Defense of the United States, () was an American program to defeat Germany, Japan and Italy by distributing food, oil, and materiel between 1941 and August 1945. The aid went to the United Kingdom, China, and later the Soviet Union, Free France, and other Allied nations. It included warships and warplanes, along with other weaponry. The policy was signed into law on March 11, 1941, and ended overnight without prior warning when the war against Japan ended. The aid was free for all countries, although goods in transit when the program ended were charged for. Some transport ships were returned to the US after the war, but practically all the items sent out were used up or worthless in peacetime. In Reverse Lend Lease, the U.S. was given no-cost leases on army and naval bases in Allied territory during the war, as well as local supplies. The program was under the direct control of the White House, with Roosevelt paying close attention, assisted by Harry Hopkins, W. Averell Harriman, and Edward Stettinius Jr.. Roosevelt often sent them on special missions to London and Moscow, where their control over Lend Lease gave them importance. The budget was hidden away in the overall military budget, and details were not released until after the war. A total of $50.1 billion (equivalent to $ presently) was involved, or 11% of the total war expenditures of the U.S. In all, $31.4 billion (equivalent to $ today) went to Britain and its Empire, $11.3 billion (equivalent to $ today) to the Soviet Union, $3.2 billion (equivalent to $ today) to France, $1.6 billion (equivalent to $ today) to China, and the remaining $2.6 billion to the other Allies. Reverse lend-lease policies comprised services such as rent on bases used by the U.S., and totaled $7.8 billion; of this, $6.8 billion came from the British and the Commonwealth, mostly Australia and India. The terms of the agreement provided that the materiel was to be used until returned or destroyed. In practice very little equipment was in usable shape for peacetime uses. Supplies that arrived after the termination date were sold to Britain at a large discount for £1.075 billion, using long-term loans from the United States. Canada was not part of Lend Lease. However it operated a similar program called Mutual Aid that sent a loan of $1 billion and $3.4 billion in supplies and services to Britain and other Allies. This program effectively ended the United States' pretense of neutrality and was a decisive change from non-interventionist policy, which had dominated United States foreign relations since 1931. (See Neutrality Acts of 1930s.)

  • Rental agreement

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    A rental agreement is a contract, usually written, between the owner of a property and a renter who desires to have temporary possession of the property as distinguished from a lease which is more typically for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law. Examples include letting out real estate (real property) for the purpose of housing tenure (where the tenant rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.

  • Vehicle leasing

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    Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay. The key difference in a lease is that after the primary term (usually 2, 3 or 4 years) the vehicle has to either be returned to the leasing company or purchased for the residual value.

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