HIRE-PURCHASE AGREEMENT IN RESPECT OF SEWING
MACHINE
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 other part.
WHEREAS
the owner has lent to the hirer a sewing
machine and accessories
NOW
THIS AGREEMENT WITNESSES as follows :
1. The sewing
machine and the accessories
described by the endorsement
on the back of this agreement will remain
in the use and possession of the
hirer for a period of 12 months ending on…………unless the agreement is term in atedsooner under the power
reserved in this agreement.
2. The
hirer has paid Rs. 30 as the first month’s rent in advance and has
agreed to pay to the owner a sum or Rs.
every month regularly in advance on
before
the 5th day of each
month.
3. The hirer will keep the machine
and accessories in good order and
in his custody at the above
mentioned address and will not
remove the same or seel or pawn if
without the consent of the owner.
4. The
owner will be at liberty to terminate this agreement on the failure of the hirer to perform the
terms of this agreement and retake
possession of the machine and the
accessories.
5. The hirer may also terminate agreement by delivering up the
machine and accessories in good
order to the owner.
6. The hirer may at any time during the hire become the purchaser of the
machine and accessories by paying in cash all the price endorsed on
this agreement provided the payments of
hire are regularly made.
7. On the termination of the hiring, the
machine with the accessories shall be
returned to the owner and the owner’s
right of lien of the machine shall not be destroyed by any money
decree or judgment that the owner may obtain against the hirer.
8. If the hirer fails to pay regularly in advance, the whole
transaction will be treated as one of without
any option of purchase.
IN WITNESS WHEREOF the parties hereto have signed this agreement on the date and year first
written above.
CD AB
…………………. …………………….
(Hirer) (Owner)
Witness……………………..
On
Reverse
(1) Particulars of the Sewing machine and
accessories……………
(2) Price
of Sewing machine Rs…………………
(3) Price of accessories Rs……………………..
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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