Hire-Purchase Agreement Between Manufacturer and Hirer
Owner to take possession - On the determination of the hiring, the owner shall without notice or demand take possession of the hired goods and for that purpose may by himself or by his agent or servants enter into or upon any premises occupied by the hirer and search for the same if necessary for the said goods.
Hirers option to terminate hiring -The hirer may terminate the agreement at any time without notice by returning the said goods at the owners address or his place of business.
Rights to damages not affected - If the hiring is terminated by the hirer under clause 7 above, such termination shall be without prejudice to the owners right to recover the hire upon the date of such termination or his right to recover damages for any prior breach of this agreement by the hirer or on account of any payments previously made by him.
Compensation for depreciation - On the termination of this agreement either at the instance of the hirer or the owner, the hirer shall pay to the owner by way of compensation for depreciation of the said goods such sum as with the amount previously paid for hire shall be of a sum equal to not less than one half of total amount payable under the agreement.
Time or indulgence not to affect owners rights - Any time or other indulgence granted by the owner to hirer shall not prejudice or affect his strict rights under this agreement.
