The Hire Purchase Agreement Form is a crucial document in Indian commercial transactions where goods are sold on an installment basis with the intention of transferring ownership upon full payment. This agreement type is commonly used for high-value purchases such as vehicles, machinery, or equipment, where immediate full payment isn't feasible for the purchaser. The document must comply with Indian legislation, particularly the Hire Purchase Act, 1972, and related financial regulations. It includes essential elements such as goods description, payment schedule, interest calculations, ownership conditions, and default provisions. This agreement is distinct from a regular sale or loan agreement as it combines elements of both while maintaining the owner's title until the final payment is made. The document serves both parties by protecting the financier's security interest while providing the hirer with clear terms for eventual ownership.
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1. Parties: Identification of the Owner/Financier and the Hirer with complete details including registration numbers for companies
2. Background: Context of the agreement including the Hirer's request and Owner's consent to provide the goods on hire purchase basis
3. Definitions: Definitions of key terms used throughout the agreement including Goods, Hire Purchase Price, Installments, etc.
4. Description of Goods: Detailed specification of the goods being provided under hire purchase
5. Hire Purchase Price and Payment Terms: Total price, down payment, number and amount of installments, interest rate, and payment schedule
6. Delivery and Acceptance: Terms regarding delivery, inspection, and acceptance of goods
7. Title and Ownership: Provisions regarding retention of title by owner until final payment and conditions for transfer of ownership
8. Hirer's Obligations: Key responsibilities including maintenance, proper use, and safekeeping of goods
9. Owner's Rights and Remedies: Rights in case of default, including repossession and recovery of dues
10. Termination: Circumstances and procedures for early termination or completion of the agreement
11. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Guarantor Provisions: Required when a third-party guarantee is needed for the hire purchase transaction
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is mandatory
3. Assignment and Transfer: Include when either party needs the right to assign the agreement
4. Additional Security: When additional security or collateral is required beyond the hired goods
5. Electronic Payment Terms: Specific provisions for electronic payment methods and systems
6. Force Majeure: Protection against unforeseen circumstances preventing performance
7. Return and Repossession Procedures: Detailed procedures for voluntary return or forced repossession
1. Schedule 1 - Goods Specification: Detailed technical specifications, make, model, serial numbers of the goods
2. Schedule 2 - Payment Schedule: Detailed breakdown of installments, due dates, and amortization schedule
3. Schedule 3 - Delivery and Acceptance Certificate: Format for documenting delivery and acceptance of goods
4. Schedule 4 - Maintenance Requirements: Specific maintenance and service requirements for the goods
5. Appendix A - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
6. Appendix B - Guarantor Details: Complete information about guarantors if applicable
7. Appendix C - Usage Guidelines: Specific instructions for proper use and maintenance of the goods
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