Hire-Purchase of Printing Machinery

Hire-Purchase of Printing Machinery

This agreement of Hire-Purchase is made this …………. day of …………… between X Co. Ltd. registered under the Companies Act 1956 having its registered office at …………… (hereinafter called the COMPANY which term shall include its successors) of the one part and CD son of ………. residing at ………….. carries on business under the name and style of CD & Co. (hereinafter called the HIRER) of the other part.

Witnesseth:

1. That the COMPANY hereby agrees to let to the HIRER and the HIRER hereby agrees to take on hire from the COMPANY the (description of the printing machinery) (referred to as the machinery) for the purpose of carrying on the HIRER’s business of printers at (place) for ………. months from the date of delivery of the same upon the terms and conditions herein contained.

2. That the HIRER shall pay to the COMPANY as hire charges of the machinery the sum of Rs. ………. as follows: viz., the sum of Rs. ……….. to be paid on the execution of this agreement and the balance of Rs. ……….. to be paid in ………. equal monthly instalments of Rs. ………. each, the first of such instalments to be paid on the. ……… day of ……….. 1999 and the remaining instalments on the 10th day of every succeeding calendar month thereafter.

3. That if the HIRER shall fail to pay any of the said stipulated instalments on the respective dates on which the same should be paid as hereinbefore mentioned then the HIRER shall pay, interest on the amount in arrears until payment thereof at the rate of ……….. per cent per annum.

4. That the HIRER shall, on the execution of this agreement, execute and deliver to the COMPANY promissory notes or bills of exchange for the respective amounts of the said instalments payable hereunder and such notes or bills shall respectively be made payable on the dates on which such instalments are respectively payable under this agreement and shall bear interest at the said rate of ………… per cent per annum after the due dates. The said bills shall be deemed to be collateral security for the payment of the said instalments and shall not suspend or affect any other remedy or remedies of the COMPANY hereunder.

5. That the HIRER shall not, during the continuance of this agreement, in any way sell, assign, sublet or otherwise part with the possession of the machinery or any part or parts thereof or remove the same from one building to another or attempt so to do or part with possession of their interest in the premises where the machinery is kept, without first informing the COMPANY of such intended removal and receiving its consent in writing to do so. The machinery shall at all times be at the risk of the HIRER who shall bear any loss arising from destruction, loss thereof or damage thereto howsoever caused and who shall take all reasonable care thereof so long as the agreement for hiring remains in force and shall permit the COMPANY or its agents at all reasonable times to inspect the same; and if at any such inspection any part or parts of the machinery shall be found broken, damaged or destroyed, the HIRER shall forthwith at his own expenses, and to the satisfaction of the COMPANY, replace and repair the parts so broken, damaged or destroyed. The HIRER shall not at any time during the said period purchase any parts as may be required to be used with or in connection with the machinery except from the COMPANY, who shall from time to time supply the same at their ordinary prices current in (name of place) at the respective dates when such parts are required.

6. That the HIRER shall punctually pay all rents, rates and taxes payable in respect of the premises wherein the machinery or any part thereof is kept and shall, upon demand, produce to the COMPANY or its agents the receipts for the said rents, rates and taxes and in the event of the same being in arrears, the COMPANY is hereby empowered to pay the same together with any expenses necessary for the purpose and the HIRER shall on demand repay the COMPANY any sums so paid.

7. That the HIRER shall at all times during the continuance of the hiring keep in a conspicuous position on the machinery such plate or plates as the COMPANY may approve of for denoting that the machinery is the property of the COMPANY and the HIRER shall not remove or obliterate any such plates or allow the same to be removed or obliterated.

8. That the COMPANY/HIRER shall insure the machinery against fire in a recognised fire insurance office in the sum of Rs. ……… and shall if required produce to the …… for his or its inspection the policy of insurance and the receipts of the premiums paid (and the HIRER shall on demand repay to the COMPANY the premiums paid by it).

9. That if any of the instalments of hire or any part thereof shall be in arrear and unpaid for one calendar month after the same shall have become due, or if the HIRER shall at any time fail or neglect to perform or observe any of the stipulations or provisions herein contained and on his part to be performed and observed, or if a warrant of attachment or seizure shall be issued or executed against any of the property of the HIRER, or if a receiver shall be appointed of any of the assets of the HIRER, then and in any such case the COMPANY may even without notice to the HIRER terminate the agreement of hiring hereby made and may by its servants or agents, without any previous notice to the HIRER, enter upon and into any premises or building where the machinery or any part or parts thereof may be and seize and take possession of and remove the same to such place as the COMPANY may think fit notwithstanding any payments previously made by the HIRER; and for that purpose leave and licence are hereby given to the COMPANY, its agents and servants or any other person employed by it, to break open and enter any building, premises or place where the said machinery may be or be supposed to be and take possession of the same without being liable to any suit, action or other proceeding by the HIRER or any other person claiming under him.

10. That if the agreement of hiring shall be determined under the preceding clause hereof, the COMPANY shall not be liable to any claim or demand at the instance of any person whosoever in respect of any payments previously made by the HIRER, all of which shall in every such case as aforesaid be absolutely forfeited to the COMPANY and the COMPANY shall further be entitled to recover from the HIRER or his estate all such instalments (if any) or hire aforesaid as may then be in arrears with interest thereon as aforesaid and also the instalment payable during the month in which the determination shall take place and in addition thereto such sum (if any) as shall be required with the money so to be paid for hire (exclusive of interest) and the sum previously paid for hire (exclusive of interest) to make up a sum equal to 60 per cent of the said amount of Rs. ……… payable as hire under clause 2 hereof and the COMPANY shall also be entitled to recover from the HIRER or his estate all costs and expenses incurred in or about the entry, seizure and removal as hereinbefore provided under this agreement and the HIRER shall not nor any person claiming through him, commence or maintain any action or proceeding against the COMPANY, its servants or agents by reason of the COMPANY taking possession of the machinery or the temporary possession of the premises where the machinery or any part thereof may then be for such time as may be reasonably required in the removal of the same.

11. That the HIRER may determine the agreement of hiring hereby made upon giving to the COMPANY one calendar month’s previous notice in writing of his intention so to do specifying the date on which the hiring is to terminate and upon delivering up at his own cost the machinery to the COMPANY on or before that date in good repair at the godown of the COMPANY at (place); provided that the HIRER shall at the same time pay to the COMPANY all moneys payable hereunder up to that date and in addition such sum (if any) as with the sums then and previously paid for hire (exclusive of interest) shall be required to make up a sum equal to 60 per cent of the total amount of Rs. …………… payable as hire under clause 9 hereof.

12. That if the hiring hereby constituted shall be determined under clause 2 or clause 11 hereof, the COMPANY shall, upon payment by the HIRER of all sums payable under clause 10 or 11 hereof, as the case may be, return to the HIRER duly cancelled such of the notes and bills mentioned in clause 4 hereof as shall not at the time of such payment have fallen due.

13. That upon payment by the HIRER to the COMPANY of the full sum of Rs. ……….. and interest (if any) payable hereunder on the days and in manner aforesaid, the hiring shall cease and determine and the machinery shall thenceforth be and become the sole and absolute property of the HIRER; but until such payment the machinery shall remain the sole and absolute property of the COMPANY but let on hire to the HIRER.

Signed by the said ………… (COMPANY) by and through ……………… duly authorised in that behalf under a power-of-attorney/resolution (date and description of the power-of-attorney or the resolution) in the presence of:

1. ………………………

2. ………………………

Signed by the said …………………

(HIRER) in the presence of:

1. ………………………

2. ………………………

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