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According to the NSPE code of ethics, engineers shall "perform services only in areas of their competence." This is a(n) __________ element of the NSPE code.
Lessor
The party in a lease agreement that owns the asset and grants the lessee the right to use the asset in return for lease payments.
Bargain Purchase Option
A lease clause allowing the lessee to purchase the leased asset at a price significantly lower than its expected fair market value at the end of the lease term.
Leased Asset's Useful Life
The expected period over which a leased asset is anticipated to be used by the lessee, often corresponding to the lease term unless a shorter period is more representative.
Minimum Lease Payments
The lowest amount that a lessee is expected to pay over the lease term, including both principal and interest components.
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