Hire-Purchase Agreement Between Manufacturer and Hirer
(g) shall keep the goods insured against all losses or risks or damage by fire, tempest or theft upto the value of Rs…………with an Insurance Company to be nominated by the owner and shall punctually pay all premiums and produce to owner of and when so required the receipts for the last premium paid and keep the insurance alive during the continuance of the agreement. If the said hired goods are damaged or destroyed by fire or lost by theft all moneys received in respect of such insurance by the hirer shall be paid forthwith to the owner who shall apply the same in making good the loss by replacement of such damaged part or parts or the entire goods of similar description and value whereupon such replaced part or parts or goods shall become subject-matter to this agreement in the same manner as the original goods;
(h) in case of default by hirer in payment of the charges mentioned in sub-clause (g) above, the owner may pay the same or any part thereof and the hirer shall be liable to reimburse the same together with interest thereon at the rate of 15% p.a. from the date of payment by the owner;
(i) the hirer shall indemnify the owner against claims by third parties arising out of any accident caused by the user of the asset by the hirer until the determination of this agreement ;
(j) the hirer shall not use or permit or cause the asset to be used in contravention of any statute or regulations for the time being in force or otherwise in any way contrary to any law excepting as permitted by and under this agreement ;
(k) hirer agrees to make good to the owner all damages caused to the asset (fair wear and tear excepted) and pay the owner the full value of the asset if there is total loss of the assets, whether the damage or loss be caused accidentally or otherwise and by any reason whatsoever and to keep the asset at his sole risk, until he purchases the asset or returns it to the owner;
(l) hirer agrees to pay all expenses for repair found necessary by the owner, replace any damaged parts and not make any alteration or addition thereto without previous permission in writing of the owner ;
(m) hirer has examined /caused to be examined the asses and receipt by him of the same shall be conclusive proof that the asset has been duly accepted by him as being in perfect order and has been duly accepted by him as being in perfect order and working condition.
Intimation of change in address - The hirer shall forthwith intimate the owner of any change of his address and also of the address of the premises where the asset is kept and shall also immediately notify the owner in writing of any loss or damage to the said asset.
Default - If the hirer shall make default in the punctual and prompt payment, in full, of the said monthly hire or in the observance or performance of any of the provisions of this agreement, which is to be observed and performed by him, the hiring shall immediately determine.
