Agreement for
Hire-Purchase of Machinery
This Agreement made
at .............. this .............. day of .............., 2000, between ABC
& Co. Lid., a company incorporated under the Companies Act, 1956, and
having its registered office at .............. (hereinafter called "the
Owner") of the First Part and M/s. X Y & Sons, a partnership firm,
carrying on the business of printing press and having its place of business at
.............. (hereinafter called "the Hirer") of the Second Part
and Shri A son of B resident of .............. (hereinafter called 'the
Surety") of the Third Part.
Whereas the hirer has
vide his letter dated .............. requested the owner to provide finance for
the purchase of printing press.
And Whereas the owner
has by its reply dated .............. agreed to provide finance for the
purchase of printing press on the terms and conditions laid down in the said
letter and the documents to be executed for the said purpose.
And Whereas the hirer
has placed an order with M/s ..................... for the purchase of printing
press.
And Whereas the owner
has provided the finance by making payment of an amount of Rs……….. vide cheque
No............... dated .............. drawn on ............. to the supplier
...........................
Now It Is Agreed By
And Between The Parties As Follows:
1.
The
owner, being the owner of the printing press with fittings, tools, and
accessories, more particularly described in the Schedule hereto shall let and
the hirer shall take on hire from the .............. day of ...............
2.
On
execution of these presents, the hirer shall pay a sum of Rs ............ to
the owner as initial payment by way of hire and shall during the continuance of
this agreement pay to the owner at his address for the time and without
previous demand by way of rent for the hire of the said printing press the
monthly sum of Rs............... the first payment to be made on the
.............. day of .............. next and each subsequent payment on the
.............. day of each succeeding month during the said term.
3.
During
the continuance of the agreement, the hirer shall-
a. not sell or offer for
sale, assign, mortgage, pledge, underlet, let or otherwise deal with the said
printing press or any part or parts thereof or with any interest therein;
b. keep the said
printing press in his own possession and will not remove the same or any part
or parts thereof from the place where such printing press is for the time being
situate without the previous consent in writing of the owner;
c. not allow any lien to
be created upon the said printing press whether for repairs or otherwise and
will duly and punctually pay all rents, taxes, rates, charges and levies
payable in respect of the premises wherein the said printing press shall for
the time being be situate and produce all receipts for such payment to the
owner on demand and will protect the said printing press against distress,
execution or seizure;
d. use the printing
press in a skilful and proper manner and shall at his own expense keep the said
printing press in good and substantial repair and condition (reasonable wear
and tear excepted);
e. keep insured the
printing press during the period of hiring against any loss or damage by hire
or otherwise in the sum of Rs ............. with an insurance company in the
name of the owner and deliver the policy of such insurance to the owner and
duly and punctually pay all premiums necessary for keeping the said insurance
effective throughout the period of this agreement:
Provided that in case
the hirer shall at any time fail to effect or keep effect the said policy by
making default in any payment of premium, the owner shall be entitled to effect
such insurance and pay the premium to the said insurance company and the hirer
shall forthwith pay to the owner ail the premiums and other sums paid by the
owner;
a.
b.
c.
d.
e.
a.
b.
c.
d.
e.
f. not do or omit to do
any act which may result in seizure and/or the confiscation of the printing
press by the Central or State Government or local authority or any public
officer or authority under any law for the time being in force.
1.
2.
3.
4.
If
the said printing press shall be destroyed or damaged by fire or otherwise, all
moneys received or receivable in respect of such insurance as aforesaid shall
forthwith be received by the owner who shall as the case may require, apply
such money either in making good the damage done or in replacing the said
printing press by other articles of similar description and value and such
substituted articles shall become subject to the provisions of this agreement
in the same manner as the articles for which they shall have been substituted.
5.
The
hirer may determine the hiring at any time by giving ............. days notice
in writing to the owner at his address for the time being and by returning the
said printing press at the hirer's own risk and expense and shall thereupon
forthwith pay to the owner all hire charges upto the date of such determination
and other sums due under the agreement and 25% of the balance of the total hire
charges still to fall due as settled compensation.
6.
If
the hirer shall make default in punctual payment of the monthly sum so to be
paid by him for the hire of the said printing press or if a receiving order in
bankruptcy is 'made against him or if he compounds with his creditors or do or
suffer any act or thing whereby or in consequence of which the said printing
press may be distrained or taken in execution under legal process or by any
public authority or fails to pay to the Government or any public authority any
taxes or surcharges due in respect of the said printing press or fails to
observe and perform the terms and conditions of this agreement on his part to
be observed and performed or if the hirer shall do or cause to be done or
permit or suffer any act or thing whereby the owner's rights in the said
printing press may be prejudiced or put in jeopardy, the owner may without
notice determine the hiring and it shall thereupon be lawful for the owner to
take possession of the said printing press and for that purpose to enter into
or upon any premises where the same may be kept and the determination of the hiring
under this clause shall not affect the right of the owner to recover from the
hirer any money due to the owner under this agreement or damages for breach
thereof. The hirer shall also be liable to pay to the owner all expenses
incurred by the owner in repossessing or attempting repossession of the said
printing press.
7.
If
the agreement is determined before the property in the said printing press
passes to the hirer, the hirer shall forthwith return to the owner, policies
and other documents relating to the said printing press.
8.
The
hirer acknowledges and agrees with the owner that he has inspected the printing
press and he is satisfied that the printing press is suitable for his purpose
and the owner shall not be liable to the hirer for any liability, claim, loss,
damage or expenses caused directly or indirectly by the said printing press or
any inadequacy thereof for any purpose or any defect therein or by the use
thereof or in relation to any repairs, servicing, maintenance of the said
printing press.
9.
The
hirer shall be liable to bear and incur the installation cost, cost of
detachment of the printing press taken on hire and to pay any tax, levy, rates
or assessments levied at any time by the Central Government, State Government
or any local authority on the total of or any installments payable under this
agreement.
10.
If
the hirer shall duly perform and observe all the terms and conditions in this
agreement and the covenants on his part to be performed and observed and shall
punctually pay to the owner the sums specified in clause 2 hereof amounting
(together with the said sum of Rs .............. so paid on the execution of
this agreement as aforesaid) to the sum of Rs ........... then the hiring shall
come to an end and the said printing press shall become the property of hirer
and the owner will assign and make over all his rights, title and interest in
the same to the hirer but until such payments have been made, the printing
press shall remain the property of the owner.
11.
No
neglect, delay, indulgence, forbearance or waiver on the part of the owner in
enforcing any terms or conditions of this agreement shall prejudice the rights
of the owner hereunder.
12.
In
consideration of the owner letting the said printing press to the hirer at the
rent and under the agreements and conditions hereinbefore expressed, the surety
hereby guarantees the due payment of the said rents and ail other sums of money
which may become payable under this agreement and the performance and
observance of the said agreements and conditions by the hirer and this
guarantee shall not be prejudiced by the owner neglecting or forbearing to
enforce this agreement against the hirer or giving time for the payment of the
said rents when due or delaying to take any steps to enforce the performance or
observance of the said agreements or conditions or granting any indulgence to
the hirer.
13.
The
parties to this agreement hereby declare that they have fully understood the
meaning of all the clauses, terms and conditions of this agreement and they
have accepted and executed this agreement with full knowledge and understanding
of the obligations herein.
IN WITNESS WHEREOF,
the parties have executed this agreement on the day and the year first
hereinabove written.
The Schedule above
referred to
(Particulars of the
printing press)
The common seal of
ABC & Co. Ltd., the within named
owner has been
hereunto affixed pursuant to the
Resolution of its
Board of Directors on ...............
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in the presence of
Shri .................. Director and
Mr.
.......................... Secretary of the company,
who have signed these
presents
Signed and delivered
by M/s. X Y & Sons,
the within named
hirer by its partners
Signed and delivered
by A, the within named surety
WITNESSES;
1.
2
