HIRE –PURCHASE AGREEMENT FOR A T.V.
SET
THIS AGREEMENT made on this………………day
of…………….BETWEEN AB, etc. (hereinafter
called the “owner”) of the one part
and CD,
etc., (hereinafter called the “hirer”) of the second part and EF, etc., (hereinafter called the “guarantor”) of
the third part.
1. The hirer has agreed to take on hire a T.V.
set of……………make No………………..;
2. The owner has agreed to give on
hire the said T.V. set to the hirer under the terms and
conditions hereinafter appearing ; and
3. In condition of the owner having delivered the said
TV set to the hirer on the assurance of the said guarantor in accordance
with the terms mentioned below :
NOW
THIS AGREEMENT between the
aforesaid parties WITNESSES as follows :
1. That the hirer has paid a sum of Rs……………..as the first
instalment of the hire for the month commencing with……………..in advance of the date of this agreement (the receipt whereof the owner hereby acknowledges). The
hirer shall hereafter pay a sum
of Rs………………. per month in advance continuously
and punctually on the …………..day of………….to the owner for the use of the
said T.V. set at………………..(particulars of
the house).
2. That
in case the hirer pays to the owners punctually………….. instalments as
aforementioned, i.e., has paid a sum of
Rs……………in all as hire as abov-mentioned till the date of…………it shall be at the
option of the hirer to become the owner
of the said T.V. set on payment of Re. 1 to the owner in which event the
hirer become the absolute
owner of the said T.V. set. But until the actual payment of the
total sum of Rs…………..paid monthly
as hire and until the payment of Re.1
for option to purchase, the property in the T.V. set shall remain in the owner
and the hirer shall be deemed to
be merely a bailee thereof without any right to part with possession of the said T.V. set to be used or kept in custody by any
other person. I shall, however, be open
to the said hirer to pay the sum of
Rs………….including the sums already paid
as hire by him as aforesaid before the final
payment of the last hire instalment as aforementioned and
on payment of the said balance along with Re.1 for option
to purchase the same the
hirer shall become along
the owner of the said T.V. set. In case the hirer
shall desire to terminate this hirer
agreement prior to the payment
of the instalments of hire
as aforementioned, hirer shall be
bound to pay at least the sum of Rs…………..(50 per cent of the price) to
cover the depreciation and the fall
in price of the T.V. set.
The owner shall be entitled
to terminate this agreement in the event of the hirer making default in
the punctual payment of the hire
instalment as agreed to above. In that
event, the owner shall be entitled to
seize the said T.V. set and take possession of it and the hirer shall give
access to the owner for such purpose and the owner shall not be liable to the
hirer for such action in any manner whatsoever. The owner in such an event
shall be entitled to recover from the hirer all the hire instalments in arrear and in case such instalmets be less
than 50 per cent of the orginial price (viz. Rs………………) he shall be
entitled to recover the balance
that accrues after taking into account the previous hire instalments paid to the extent to which
the said payments do not equal the 50 per cent. Of the said price of the T.V. set.
3. That in case the T.V. set is destroyed or injured in any manner
while in custody of the hirer, the hirer shall be bound to get the said T.V. set
repaired immediately and in the event of the non-repair the owners
will be entitled to seize the said T.V. set and get it repaired and realise the
said repairs besides his dues as aforementioned.
4. That the hire shall be bound to pay all
public charges and licence fees until he becomes the owner of the said T.V. set
as aforementioned and in default
whereof, the hirer shall be liable for any damages to the owner. The hirer
shall not be entitled to remove the said T.V. set from the aforementioned premises except with the consent in writing of the
owner.
5. That in consideration of the owner
having delivered the said T.V. set to the hirer on the terms as
aforementioned the guarantor
has agreed with the owner to guarantee the punctual and continuous
payments of the hire instalments
as aforementioned until
either the hire agreement is terminated by
the hirer or until all the hire
instalments as aforementioned have
been paid to the owner. The
guarantor shall also be liable to the
owner for any damages caused to the
said T.V. set in any manner whatsoever
whilst in custody of the hirer or until it
is delivered in good condition to the owner in accordance with or pursuant to the terms of this agreement or until it
is seized by the owner in the events
aforementioned. The guarantor, his heirs
and successors shall be liable to be
truly bound by the terms of this
agreement.
IN WITNESS WHEREOF, the parties
hereto have signed this hire agreement
with the option of purchase as mentioned above.
EF AB
………………… ………………..
(Guarantor) (Owner)
CD
……………
(
Hirer)
DISCLAIMER: THE ARTICLE IS BASED ON THE RELEVANT
PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE TIME OF THE PREPARATION.
IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND INDIRECT RESULT FROM THIS
ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.
THE AUTHOR – CS
DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND CAN
BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
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