The Vehicle Hire Purchase Agreement is a crucial document used in Nigeria when a party wishes to purchase a vehicle through installment payments while having immediate use of the vehicle. This arrangement is particularly common in both commercial and private vehicle acquisitions, where immediate full payment may not be feasible or desired. The agreement, governed by Nigerian law and specifically the Hire Purchase Act of 1965, details the terms under which the hirer can use the vehicle while making regular payments, with the seller retaining ownership until full payment is made. It includes essential information such as vehicle specifications, payment schedules, maintenance requirements, insurance obligations, and conditions for ownership transfer. This type of agreement is widely used by vehicle dealers, financial institutions, and businesses for fleet acquisition, as well as by individual purchasers seeking flexible payment terms for vehicle acquisition.
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1. Parties: Identification of the owner/seller and the hirer with full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN/chassis number, and registration details
5. Payment Terms: Purchase price, deposit amount, installment amounts, payment schedule, and interest rate details
6. Delivery and Acceptance: Terms regarding vehicle delivery and acceptance conditions
7. Title and Ownership: Provisions regarding retention of title until full payment and transfer of ownership
8. Hirer's Obligations: Responsibilities including maintenance, insurance, and proper use of the vehicle
9. Owner's Rights and Obligations: Rights of the owner including inspection and repossession rights
10. Insurance Requirements: Mandatory insurance coverage and requirements
11. Default and Termination: Consequences of default and termination procedures
12. Governing Law: Specification of Nigerian law as governing law
13. Dispute Resolution: Process for resolving disputes between parties
14. Notices: How formal notices should be given between parties
15. Signature: Execution clauses and signature blocks
1. Guarantor Provisions: Used when a guarantor is required to secure the agreement
2. Early Payment Provisions: Include when early payment options and related discounts are offered
3. Commercial Use: Additional terms when vehicle is intended for commercial use
4. Multiple Hirers: Special provisions when there are joint hirers
5. Cross-Border Use: Terms for vehicles that may be used across Nigerian state borders or internationally
6. Maintenance Package: When additional maintenance services are included in the hire purchase
7. Trade-In Provisions: When there is a trade-in vehicle involved in the transaction
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and condition report of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates and amounts
3. Schedule 3 - Insurance Requirements: Specific insurance requirements and minimum coverage details
4. Schedule 4 - Delivery Receipt: Form for acknowledging delivery and acceptance of the vehicle
5. Appendix A - Vehicle Inspection Report: Initial condition report with photographs and noted defects
6. Appendix B - Maintenance Schedule: Required maintenance intervals and procedures
7. Appendix C - Guarantor Details: Personal and financial information of guarantor if applicable
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