HIRE-PURCHASE AGREEMENT
This
Hire-Purchase Agreement ("Agreement") is made and entered into on
[Date], by and between:
[Name
of the Hire-Purchase Company], a company registered under the laws of
[Country], having its registered office at [Address] (hereinafter referred to
as the "Owner"),
AND
[Name
of the Hirer], residing at [Address] (hereinafter referred to as the
"Hirer").
BACKGROUND:
The
Owner is engaged in the business of providing hire-purchase services for
various goods.
The
Hirer desires to acquire certain goods from the Owner on a hire-purchase basis
and the Owner agrees to provide the goods to the Hirer under the terms and
conditions set forth herein.
NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
1. DEFINITIONS:
1.1.
"Goods" shall mean [Describe the goods being hired, including any
specifications or models].
1.2.
"Hire-Purchase Price" shall mean the total amount payable by the
Hirer to the Owner for the hire-purchase of the Goods, as set forth in Clause
3.
1.3.
"Hire Period" shall mean the duration for which the Goods are hired
by the Hirer, as set forth in Clause 4.
2.
HIRE-PURCHASE OF GOODS:
2.1.
The Owner agrees to hire the Goods to the Hirer, and the Hirer agrees to hire
the Goods from the Owner, on a hire-purchase basis, subject to the terms and
conditions of this Agreement.
2.2.
The Hirer acknowledges that the Owner is the legal and beneficial owner of the
Goods and that the Hirer shall acquire ownership of the Goods upon the full
payment of the Hire-Purchase Price as per Clause 3.
3.
HIRE-PURCHASE PRICE:
3.1.
The total Hire-Purchase Price payable by the Hirer to the Owner for the
hire-purchase of the Goods shall be [Amount in words] [Amount in numbers]
payable in [Number] equal installments of [Amount] each.
3.2.
The first installment shall be payable by the Hirer on the commencement of the
Hire Period and subsequent installments shall be payable on the [Specify the
due dates].
4.
HIRE PERIOD:
4.1.
The Hire Period shall commence on the date of delivery of the Goods to the
Hirer and shall continue for a period of [Specify duration] months/years.
4.2.
The Hirer shall have the option to terminate this Agreement at any time by
giving [Specify notice period] written notice to the Owner.
5.
DELIVERY AND ACCEPTANCE:
5.1.
The Owner shall deliver the Goods to the Hirer at the address specified by the
Hirer.
5.2.
The Hirer shall inspect the Goods upon delivery and shall notify the Owner of
any defects or discrepancies within [Specify period] days from the date of
delivery. Failing such notice, the Goods shall be deemed to have been accepted by
the Hirer in good condition.
6.
DEFAULT:
6.1.
In the event of default by the Hirer in making any payment of the Hire-Purchase
Price or any installment thereof, the Owner shall have the right to terminate
this Agreement and repossess the Goods without any liability to the Hirer.
6.2.
The Hirer shall be responsible for any loss or damage to the Goods during the
Hire Period, normal wear and tear excepted.
7.
GOVERNING LAW:
7.1.
This Agreement shall be governed by and construed in accordance with the laws
of [Specify jurisdiction].
8.
ENTIRE AGREEMENT:
8.1.
This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings, whether written or oral, relating to such subject matter.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.
[Signature
of Owner] [Signature of Hirer]
[Name of Owner] [ Name of Hirer]
