AGREEMENT
FOR HIRE-PURCHASE OF FURNITURE [CD1]
AN
AGREEMENT made at………….this………….day of………….20………
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………….20………….
(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 ............... instalments of Rs………….each, the first
instalment to be paid on the………….day of………….20………….and each subsequent
instalment 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 all 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 falls 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.
(13)
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.
(14)
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.
(15)
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.
(16)
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
(17)
All disputes and differences of
any kind whatever arising out of or in connection with this Agreement shall be
referred to the arbitration by 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 Act,
1940 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.
(18)
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
WITNESSES
1 Signed
and delivered by the within named owner
2.
Signed and delivered by the within named hirer
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