NRS 353.510 “Agreement” defined.
140 words·~1 min read·
/nv/chapter-353-state-financial-administration/353-510A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 353.510 “Agreement” defined. “Agreement” means an agreement to purchase property, in the form of a lease or an agreement to pay in installments, pursuant to which the State of Nevada or a state agency may pay the purchase price of real or personal property over a period of time which extends beyond the biennium in which the agreement is executed, including, without limitation:
1. An agreement pursuant to which the State of Nevada or a state agency may acquire the property that is the subject of the agreement at the end of the term of the agreement or the end of the term of a renewal of the agreement upon payment of no additional consideration or nominal additional consideration; and
2. An agreement that, for the purposes of federal income tax, is treated as an agreement for conditional sale.