Agreement For
Hire Purchase Of A Motor Vehicle
THIS AGREEMENT made at .............
this ............ day of .........., 2000, between A son of B resident of
............. (hereinafter called "the owners") of the ONE PART and C
son of D resident of ... ...................... (hereinafter called "the
hirer") of the OTHER PART.
WHEREAS the owner is the owner of a
motor vehicle, more particularly described in the Schedule hereto and the hirer
has approached the owner to let the said vehicle on hire to him, to which the
owner has agreed and has assured the hirer that he shall have and enjoy quiet
possession of the said vehicle.
AND WHEREAS the owner has further
assured the hirer that he shall have the right to sell the said vehicle at the
time the property is to pass and the said vehicle is free from any charge or
encumbrances in favour of any third party at the time when the property is to
pass.
AND WHEREAS the hirer has inspected
the said vehicle and is satisfied about the same and considers it fit for the
purposes for which he requires the same.
NOW IT IS AGREED BETWEEN THE PARTIES
AS FOLLOWS:
1. The owner will let and the
hirer will take on hire the vehicle more particularly described in the Schedule
hereto.
2. The owner has delivered the
said vehicle to the hirer and has vehicle allowed the hirer to use the said
vehicle in the usual manner.
3. In consideration of the
delivery of the said vehicle to the hirer, the latter has paid in advance a sum
of Rs. .............. as first installment on hire (the receipt whereof the
owner hereby acknowledges) and will punctually pay to the owner at his place
the sum of Rs. ............. every calendar month by way of rent for the hire
of the said vehicle, the first payment to be made on the ............. day of .............
and each subsequent payment on the ............. day of every succeeding month.
4. During the continuance of hiring,
the hirer shall-
(i) Not sell, assign, pledge,
mortgage, underlet, lend or part with the possession of the said vehicle and
not allow the said vehicle to be used by anybody else or kept or detained or
run for the use of any other person.
(ii) Not take the said vehicle out of
the city of ............. unless he has obtained a permission in writing from
the owner in that behalf and if the owner grants permission subject to certain
terms and conditions, the hirer shall abide by all the terms and conditions
imposed in respect of such permission.
(iii) Pay all licence duties, fees,
registration and other charges taxes, payable in respect of the said vehicle
and keep the said vehicle in a good repair condition and working order and will
permit the owner and persons authorized by him to have access to the said
vehicle for the purpose of inspecting the condition thereof. In case the hirer
fails or neglects to cause the said vehicle to be repaired or kept in a proper
state of repair, the owner shall be entitled but shall not be bound to do ,so,
to seize or cause the said vehicle to be seized and to get the same repaired
and to keep the said vehicle in his custody till the hirer pays the bills for
repair of the said vehicle.
(iv) Keep the said vehicle insured and
kept insured so long as the hiring shall continue in the joint names of the
owner and the hirer against all risks and the hirer shall pay all the premiums
payable to the insurance company. On the hirer becoming the owner of the said
vehicle under the terms of this agreement, the owner will transfer to the hirer
the benefit of any insurance policy then current relating to the said vehicle.
(v) Make good to the owner all
damages to the said vehicle (fair wear and tear excepted) and pay the owner the
full value of the said vehicle in the event of its total loss.
(vi) Indemnify the owner against
claims by third parties arising by accident caused by the said vehicle until
the said vehicle is returned to the owner or purchased by the hirer in terms of
this agreement.
(vii) Not use or permit or suffer the
said vehicle to be used in contravention of any law for the time being in
force.
4. If the hirer shall duly
observe and performs all the conditions herein contained and on his part to be
observed and performed and shall pay to the owner the sum specified in clause 3
hereof, together with all other sums if any payable by him to the owner under
the provisions of this Agreement, then the hiring shall come to an end and the
said vehicle shall become the property of the hirer and the owner will assign
and make over all his rights and interest in the same to the hirer, but the
hirer shall have the option of purchasing the said vehicle at any time during
the period of hiring by paying in one lump sum the balance of all the hire
hereinbefore mentioned and other expenses incurred by the owner. Until all such
payments as aforesaid have been made, the said vehicle shall remain the
property of the owner.
5. The hirer may at any time
terminate the hiring by returning the said vehicle at his own cost and risk to
the owner at his place of address for the time being.
6. If the hirer shall make
default in payment of any monthly sum payable hereunder for ......... days
after the same have become due or shall fail to observe or perform any of the
terms and conditions of this agreement, the owner may without prejudice to his
claim for arrears of hire or damages (if any) for breach of this agreement
forthwith terminate the hiring without notice and retake physical possession of
the said vehicle himself or through his agents or servants and the hirer shall
not object to the retaking of possession of the said vehicle by the owner or
his agents or servants and/or by written notice to the hirer determine this
agreement and the hiring hereby constituted. On such termination, the hirer
shall immediately return the said vehicle to the owner at his place of address
for the time being and the hirer shall pay the owner a sum of Rs...............
every month until the said vehicle is returned to the owner.
7. No neglect, delay or
indulgence on the part of the owner in enforcing any terms or conditions of
this agreement shall prejudice the rights of the owner hereunder.
8. The agreement is personal to
the hirer and the rights of the hirer shall not be assignable or chargeable by
him in favour of third party.
9. In the event of the hiring
being determined by the hirer or by the owner under clause 6 hereof, the hirer
shall forthwith return the said vehicle to the owner at the hirer's expense.
The determination of the hiring as aforesaid shall not affect or prejudice any
claim the owner may have against the hirer for arrears of hire payments or for
damages for breach of this agreement or his right to enforce such claim by
action or otherwise.
10. The owner has permitted the hirer
to have the said vehicle registered in his own name in terms of the provisions
of Motor Vehicles Act, 1988 and the rules framed thereunder provided that the
hirer shall transfer such registration in favour of the owner when he returns
the said vehicle to the owner under the terms of this agreement.
11. The agreement shall determine if
the hirer commits any act of bankruptcy or makes any arrangement with his
creditors or on presentation of a petition in the court for adjudicating the
hirer as an insolvent or on the appointment of a receiver of the properties of
the hirer or if an application is made by any creditor or other person against
the hirer for the attachment of the said vehicle.
12. All disputes, differences and/or
claims, arising out of this agreement shall be settled by arbitration in
accordance with the provisions of Indian Arbitration Act, 1940 or any statutory
modification thereof and shall be referred to the sole arbitration of Shri
.................... or in case of his death, refusal, neglect, incapability to
act as an arbitrator to the sole arbitration of Shri...................... The
award given by the arbitrator shall be final and binding on the parties.
13. The parties hereby admit that this
agreement has been fully explained to them and they have understood the meaning
of all the clauses of this agreement and they have signed this agreement with
full understanding of the obligations herein.
IN WITNESS WHEREOF, the parties have
hereunto set and subscribed their hands on the date and year above mentioned.
Signed and delivered by the within
named owner
Signed and delivered by the within
named hirer
WITNESSES;
1.
2.
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