Hire Purchase Agreement in respect of a Motor Vehicle
AGREEMENT made on the . . . . . . . day of . . . . . . ., 20 . . . . . . . between Messrs A. B. a firm of partners registered under the Indian Partnership Act, 1932, and having its principal place of business at . . . . . . . (hereinafter called ‘‘the Owners’’, which expression shall include their successors and assigns, where the context so admits) of the first part; AND C. D. (hereinafter called ‘‘the Hirer’’) of the second part; AND E. F. (hereinafter called ‘‘the Guarantor’’) of the third part; witnesses that—
WHEREAS the Hirer has made a proposal in writing for taking Motor Vehicle on hire purchase from the Owners. It is hereby mutually agreed as follows:
Payment by way of Hire
| Clause I.—The Owners, being the Owners of the Motor Vehicle with fittings, tools and accessories and additions more particularly described in the Schedule hereto and hereinafter collectively called ‘‘the vehicle’’, agree to let and the Hirer agrees to hire the vehicle from the date hereof. | 1st month Rs . . . . . . .
2nd month Rs . . . . . . 3rd month Rs . . . . . . 4th month Rs . . . . . . 5th month Rs . . . . . . |
| Clause II.—On the execution of this Agreement, the Hirer shall pay to the Owners in cash a sum of Rupees. . . .in consideration of the option to purchase given to the Hirer by Clause IV hereof. | 6th month Rs . . . . . .
7th month Rs . . . . . . 8th month Rs . . . . . . |
| Clause III.—The Hirer shall pay to the Owners at . . . . .on execution of this Agreement the sum of Rs . . . . . .as an initial payment by way of hire which shall become the absolute property of the Owners and will punctually pay to the Owners at their address for the time being at . . . . . .and without previous demand the sums mentioned in the margin hereof, by way of hire of vehicle, the first payment to be made on the . . . . . day of . . . . ., 20 . . . . ., and each subsequent payment on or before the . . . . . . .day of every succeeding calendar month unless the Hirer shall have terminated this Agreement earlier. | 9th month Rs . . . . . .
10th month Rs . . . . . 11th month Rs . . . . . 12th month Rs . . . . . 13th month Rs . . . . . 14th month Rs . . . . . 15th month Rs . . . . . |
| Clause IV.—If the Hirer shall duly perform and observe all the terms and conditions in this Agreement as contained and on his part to be performed and observed and shall in manner aforesaid pay to the Owners monthly sums by way of hire amounting together with said sum of Rs. . . . . . so paid on the execution of the Agreement as aforesaid, to the sum of Rs . . . . . . and shall also pay to the Owners all other sums of money which may become payable to them by the Hirer under this Agreement, the hiring shall come to an end and the vehicle shall at the option of the Hirer become his property and the Owners will make over all their right, title and interest in the same to the Hirer; but until such payments as aforesaid have been made and until the Owners make over all their right, title and interest to the Hirer, the vehicle shall remain the absolute property of the Owners. | 16th month Rs . . . . .
17th month Rs . . . . . 18th month Rs . . . . . 19th month Rs . . . . . 20th month Rs . . . . . 21st month Rs . . . . . . 22nd month Rs . . . . . 23rd month Rs . . . . . 24th month Rs . . . . . |
Clause V.—The Guarantor in consideration of the Owners agreeing to hire the vehicle to the Hirer, agrees as the principal obligor to observe and perform the terms and conditions of this Agreement and also hereby guarantees the due performance and observance thereof by the Hirer and agrees to pay on demand any moneys due or which becomes payable under this agreement (and not paid by the Hirer), either by way of debt or damages or costs, or expenses and further agrees that any time granted to the Hirer or any indulgence shown in respect of the terms and conditions hereinmentioned either in the shape of releasing or re-giving the vehicle after seizure to the Hirer or in any other manner shall not prejudice the Owners’ rights or relive the Guarantor from his guarantee and that it shall not be necessary upon the Hirer being granted any such concession or indulgence as aforesaid for the Owners to give any notice to the Guarantor thereof; he further agrees that the Owners’ right or lien on the vehicle or right to seize the same shall not be destroyed by reason of any judgment, decree or order obtained against the Hire or himself or both.
Clause VI.—The parties hereto agree that any dispute arising from or under this agreement or connected with the transaction of Hire Purchase entered into by the Agreement, shall be referred to the arbitration and award of Shri . . . . . . . . . . . in whose impartiality the parties have implicit faith and confidence, and his decision thereon shall be final and binding on the parties and they shall abide by the same without question.
Clause VII.—All the terms and conditions of this Agreement unless otherwise provided are to be observed and performed at . . . . The Courts at . . . . . . . alone and no other Courts, whatsoever, will have jurisdiction to try any suit or proceeding arising out of or under this Agreement or in any way relating to the same.
SCHEDULE ABOVE REFERRED TO
Make . . . . . . . . Cylinders . . . . . . . . Regd. No. . . . . Year of Manufacture . . . . . . . . Chassis No. . . . . . . . . Engine No. . . . . . . . .
IN WITNESS WHEREOF the parties hereto have set their hands the day and year first hereinbefore mentioned.
B. C.
Witness ???Signature of Hirer.
E. F.
Witness ????Signature of Guarantor.
For A. B.
Partner.
Witness ???Signature of Owner.