Agreement for
Hire-Purchase of Furniture
An Agreement made at
.................. this ........ day of ................ ,2000, between A son
of ........................... resident of ................ (hereinafter called
"the owner") of the One Part and B son of .............. resident of
..................... (hereinafter referred to as "the hirer") of the
Other Part.
It Is Hereby Agreed as
Follows:
1.
The
owner will let on hire and the hirer will take on hire the furniture more
particularly described in the Schedule hereto (hereinafter referred to as the
said furniture).
2.
The
said furniture shall be delivered by the owner at his own expense at the office
of the hirer at ............. on .............. 2000.
3.
The
hiring shall commence on the date of this agreement and shall continue until
determined as hereinafter provided.
4.
The
cash price of the said furniture is Rs............... and the hire-purchase
price is Rs...............
5.
The
hirer has paid to the owner in advance a sum of Rs............... (the receipt
whereof the owner hereby acknowledges) and in consideration of the option to
purchase hereby granted shall (subject to the provisions of clause hereof) pay
to the owner the balance of the said hire purchase price amounting to Rs.
.............. by to pay future ............... installments of Rs....... each,
the first installment to be paid on the .............. day of ............. 19
..... and each subsequent installment on the ....... day of each succeeding
month.
6.
The
hirer during the continuance of the hiring, will not sell, assign, mortgage,
pledge, underlet, lend or otherwise part with possession of or otherwise deal
with the said furniture but shall keep the said furniture in his own possession
and control and will not remove the same or any of them from the place where
they are for the time being, without the consent of the owner in writing and
will not create or allow to be created any lien upon the said furniture and
will duly and punctually pay all rents, taxes, charges and levies payable in
respect of the premises whereon the said furniture shall for the time being is
kept and will protect the said furniture against distress, execution, or
seizure and indemnify the owner against any loss, cost, charges, damages and
expenses incurred by him by reason or in respect thereof.
7.
The
hirer during the continuance of the hiring will at his own expense keep the
said furniture in good and substantial repair and condition (reasonable wear
and tear excepted), will replace all missing, damaged or broken parts with
parts of equal quality and value and keep the said furniture insured against
fire and loss or damage from whatsoever cause arising in the sum of
Rs.......... in the name of the owner and duly and punctually pay all premiums
and other sums necessary for effecting and keeping on foot such insurance and
produce the receipts for ail such payments to the owner.
8.
The
hirer will permit the owner and any person authorised by him at all reasonable
times to have access to the said furniture and to inspect the state and
condition of the said furniture.
9.
The
hirer has given a promissory note by way of collateral security for the
outstanding balance of the hire-purchase price and in the event of the hirer
making default in payment of any sum due under this agreement, the owner will
be entitled to recover the money on the said promissory note or to transfer the
said note and the transferee or holder shall take the said note as a holder in
due course.
10.
The
hirer may at any time before the final payment hereunder fails due, determine
this agreement by .............. weeks notice in writing to the owner at his
address for the time being and by returning the said furniture to the owner at
his risk and expense to such place of address.
11.
If
the hirer shall make default in punctual payment of any sum payable hereunder
or shall commence an act or bankruptcy or shall make any arrangement with
creditors or if any execution or distress shall be levied against the hirer or
if he shall allow any judgment against him unsatisfied or fail to observe or
perform any of the terms and conditions of this agreement, then in any or
either of the said cases the owner may, without prejudice to the owner's claim
for arrears of hire or damages (if any) for breach of this agreement forthwith
without notice terminate the hiring and retake possession of the said
furniture.
12.
In
the event of the hiring being determined under clause 11 hereof, the hirer
shall forthwith at his own risk and cost peaceably return the said furniture to
the owner at the owner's address for the time being and in the event of the
hirer failing to do so, the owner may retake possession of the said furniture
and for that purpose the owner himself, his servants or agents may enter upon
any premises in which the said furniture is believed by the owner to be kept
and the hirer shall pay to the owner the hire-purchase price of the goods less
the aggregate of
i
the
sums previously paid under the agreement;
ii
the
sums due under the agreement upto the date of termination;
iii
the
net proceeds of sale of goods if repossessed and sold; and the hirer shall also
pay to the owner on demand the costs and expenses of and incident to such
retaking of possession of the said furniture as aforesaid which may be incurred
by the owner.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
If
the hirer shall have duly kept and observed all the terms and conditions of
this agreement, and shall pay to the owner such sums payable under clause 5
hereof as shall with the sum paid for the option to purchase amount in the aggregate
to the hire-purchase price and shall pay all sums payable to the owner under
this agreement, the hiring thereby shall determine and the hirer shall become
the absolute owner of the said furniture and the owner will assign and make
over his right and interest in the said furniture to the hirer, but until all
such payments as aforesaid have been made, the said furniture shall remain the
property of the owner.
14.
The
hirer shall not be entitled to assign the benefit of this agreement or any
right of the hirer hereunder. The owner shall be entitled to assign the benefit
of all the rights of the owner hereunder including the right to enter upon
premises of the hirer and inspect and/or repossess the said furniture.
15.
No
neglect, delay or indulgence on the part of the owner in enforcing any of the
terms and conditions of this agreement or the granting of time by the owner to
the hirer shall prejudice the right of the owner hereunder.
16.
Any
notices or demands required to be given hereunder shall be given to the parties
hereto in writing and by either Registered Post Acknowledgment due or by hand
delivery at the address herein set forth or to such other address as the
parties hereto may hereafter substitute by written notice given in the manner
prescribed hereinabove.
17.
All
disputes and differences of any kind whatever arising out of or in connection
with this Agreement shall be referred to the arbitration and final decision of
an Arbitrator to be agreed upon and appointed by both the parties or in case of
disagreement as to the appointment of a single Arbitrator, to the appointment
of two Arbitrators, one to be appointed by each party, which Arbitrators shall
before taking upon themselves the burden of reference, appoint an umpire. The
Arbitrator or Arbitrators, as the case may be, shall make his or their award
within four months or such further extended time as may be decided by him or
them, as the case may be, with the consent of the parties. This submission
shall be deemed to be a submission to arbitration within the meaning of the
Indian Arbitration and Conciliation Act, 1996 or any statutory modification
thereof. The award of the Arbitrator or Arbitrators, as the case may be, shall
be final and binding on the parties.
18.
This
Agreement shall be executed in duplicate. The original shall be retained by the
owner and the duplicate copy by the hirer.
IN WITNESS WHEREOF,
the parties have executed these presents and a duplicate hereof, the day and
year first hereinabove written.
Schedule
Signed and delivered
by the within named owner
Signed and delivered
by the within named hirer
WITNESSES;
1.
2.
