- HIRE PURCHASE
AGREEMENT
-
-
This Agreement is
made at___the ___.day of___2001___ BETWEEN United
Refrigirators, a Partnership firm having their
principal place of business at___ (hereinafter
for the sake of brevity referred to as the
"Owner") of the ONE PART, AND ABC. aged
about___years, son of___residing at ___
(hereinafter also for the sake of brevity
referred to as the "Hirer") of the
OTHER PART.
WHEREAS the Owner
are in the business of __ (give details)
AND WHEREAS the
Hirer is desirous of hire purchasing a
refrigirator ( hereinafter referred to as the
goods)
NOW,
THEREFORE, in consideration of the mutual
agreements and covenants herein contained the
parties hereto agree as follows:
1. The Owner will
let and the hirer will take on hire upon the
terms and the conditions hereinafter expressed
the goods mentioned and comprised in the
Annexure-A hereto for a term of___months from
the___day of___ 2001 at the hire charges of
Rs___ to be paid in the manner hereunder
stated subject to the terms and conditions
hereunder.
2. The Hirer has
paid to the owner a sum of Rs___ being the first
month's hire charges, the receipt of which sum
the Owner hereby acknowledges, and the Hirer
shall pay the total hire charges of Rs___.as
stipulated in Annexure-B hereunder on the dates
mentioned thereon.
3. The Hirer will
during a period of this agreement.
a) punctually pay
the hire charges.
b) keep the goods
in good condition to the satisfaction of the
Owner.
c) make good all
damages whether accidental or otherwise and at
all times allow the Owner, his agents or servants
to inspect the same on prior notice.
d) In the event of
the goods being managed or destroyed beyond
repair or replacement or lost by fire, theft or
any other cause, the Hirer shall continue to
remain liable to pay the owner all remaining
instalments as specified in Annexure-B.
4. The Hirer shall
not sell, assign, or encumber the goods or suffer
any order or decree of any court whereby the
goods or any portion thereof may be attached
or charged, encumbered or otherwise seized or
taken in execution more commit any act of
insolvency more enter into any scheme
of composition with his creditors until and
unless the hirer becomes the full owner on
payment of all the instalments as stated above in
Clause 2 above read with Annexure-A.
6. If the
Hirer commits breach of any of the terms of this
agreement, the Owner may (without prejudice to
his right to recover any arrears of
hire charges and damages for breach of this
agreement) terminate this agreement and take
possession of the goods.
7. The Hirer may
at any time during the term of this agreement
become the absolute owner of the goods hereby
hired by paying to the Owner all arrears of
remaining instalments of hire charges or such
lower sum as the owner may agree.
8. The Hirer shall
keep the goods insured against fire, theft,
injury, accident and also third party risks in
the name of the owner or in their joint
names at his cost.
- ANNEXURE-A
- Description
of goods
-
-
- ANNEXURE-B
- Payment
schedule of instalments
- Sl.No.
Date
Amount
IN WITNESS whereof the said
Author and the Publisher have hereto signed the
day and year first above mentioned.
- SIGNED,
SEALED AND DELIVERED
- by Mr. ABC
the within named Owner
- in the
presence of Mr.[name]
- SIGNED,
SEALED AND DELIVERED
- by Mr. ABC
the within named Hirer
- in the
presence of Mr.[name]
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