The Hire Purchase Agreement Form is a crucial document in Malaysian commerce, regulated primarily by the Hire Purchase Act 1967 and related legislation. This document is essential when a purchaser wishes to acquire goods through installment payments while the seller retains ownership until full payment is made. It's commonly used for vehicles, machinery, and high-value consumer goods. The agreement must contain specific statutory requirements including clear payment terms, goods description, parties' rights and obligations, and insurance requirements. It provides protection for both the owner/financier and the hirer, ensuring transparency in the transaction and compliance with Malaysian legal requirements. The document is particularly important in scenarios where financing is needed for substantial purchases, and it helps structure the relationship between parties throughout the payment period.
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1. Parties: Identification of the Owner/Financier and the Hirer with complete details as required by law
2. Background: Context of the hire purchase transaction and brief description of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Description of Goods: Detailed description of the goods being hired, including serial numbers, model, and specifications
5. Financial Terms: Terms including cash price, deposit, term charges, annual percentage rate, and payment schedule
6. Payment Obligations: Details of installment payments, due dates, and payment methods
7. Delivery and Acceptance: Terms regarding delivery of goods and acceptance conditions
8. Title and Risk: Provisions regarding ownership, transfer of title, and risk allocation
9. Hirer's Obligations: Maintenance, insurance, usage restrictions, and other obligations of the hirer
10. Owner's Rights: Rights of the owner including inspection and repossession rights
11. Insurance Requirements: Mandatory insurance requirements as per the Act
12. Default and Remedies: Consequences of default and available remedies for both parties
13. Early Settlement: Terms and calculations for early settlement as per the Act
14. Notices: Requirements for serving notices between parties
15. Governing Law: Confirmation of Malaysian law governance and jurisdiction
1. Guarantor Provisions: Required when there is a guarantor for the hire purchase agreement
2. Special Conditions: For any additional terms specific to the transaction
3. Assignment: Include when assignment rights need to be specifically addressed
4. Vehicle Registration: Required for vehicle hire purchase agreements
5. Maintenance Agreement: Optional terms for maintenance services if offered
6. Trade-In Details: Required when there is a trade-in involved in the transaction
1. Schedule 1 - Goods Description: Detailed technical specifications and identification of the goods
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including dates and amounts
3. Schedule 3 - Insurance Requirements: Specific insurance requirements and minimum coverage
4. Schedule 4 - Delivery Receipt: Form for acknowledging delivery and acceptance of goods
5. Schedule 5 - Guarantor Details: If applicable, complete details of guarantor(s)
6. Appendix A - Statutory Notice: Mandatory notices required under the Hire Purchase Act 1967
7. Appendix B - Early Settlement Table: Reference table for early settlement calculations
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