Hire-Purchase Agreement Between Manufacturer and Hirer
This Agreement made on this day of . Between Adc, etc. hereinafter called the Owner (which expression shall include the successors and assigns unless the context otherwise admits) of the one part and ZS, etc. hereinafter called the Hirer of the other part.
The owner is engaged in the business of manufacturing .. and has agreed to let to the hirer.
The hirer has agreed to take on hire the said goods more particularly described in Schedule A hereto for the term of .years from .
Now This Agreement Witnesses as follows:
Hire - The hirer shall pay to the owner on the execution of this agreement the sum of Rs as hire for the first month and on the first day of every calendar month during the period of hiring the sum of Rs by way of hire for the said goods, or shall pay the rent specified in Schedule-B hereto which payable without demand on the day therein mentioned.
Option to purchase - The hirer shall at any time during the hiring have the option to purchase the said goods for Rs and in that event the hirer shall receive full credit for all sums previously paid by him under the preceding clause. However, until the purchase so effected and the price fully paid by the hirer, the said goods shall remain the property of the owner.
Hirers covenants - During the hiring period the hirer will -
not sell, transfer pledge, hypothecate, charge or in any manner encumber the goods or part with possession thereof either in entirely or in part ;>
Not without the consent in writing or the owner, remove the said goods or any part thereof from the premises of the hirer at ..and shall inform the owner forthwith of any change in address or shift or place ;
will not lend or mortgage the goods to any other person without the previous permission in writing of the owner;
will keep and maintain the goods in good order and condition and will, on the expiry of years or earlier termination of this agreement, return the same to owner in the same condition in which it has been given on hire, reasonable wear and tear however excepted, and all loss or damage due to breakage pilferage or any other cause shall be made good by hirer at his own cost;
pay all taxes, fees, duties, fines, registration charges, other charges, payable in respect of the assets as and when it shall become due;
permit the owner or his authorised agent or any nominee at all reasonable times to visit and examine the condition of the said goods ;