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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8.
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.
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