Notice of Termination of Hire-Purchase Agreement [CD1] 

 

 

Registered A.D.

To

..............................

...................................

………………………….

Dear Sir,

1.    Under the hire-purchase agreement dated .............. I, ................ as owner had given the goods described in the Schedule to the said agreement on hire to you, on the terms and conditions laid down in the said agreement.

2.    In terms of clause ...................... of the said agreement, you as hirer were required to pay to me at my address for the time being and without previous demand the sum of Rs. ............... every calendar month by way of rent for the hire of the said goods, the first payment to be made on the ....... day of ................., 2000, and each subsequent payment on the 10th day of every succeeding month. Further in terms of clause .......... of the said agreement, if you the hirer shall make default in payment of any monthly sum payable for 10 days after the same have become due, I, the owner has a right to terminate the hiring and retake possession of the said goods without prejudice to my claim for arrears of hire or damages (if any) for breach of the said agreement.

3.    You have failed to pay the hire-rents for the months of .............. which are payable to me. I, therefore, hereby give you notice determining the said hire-purchase agreement forthwith and your possession of the goods comprised in the said agreement has ceased to be in possession with my consent. I hereby call upon you to return the said goods at your expense at my address and pay up the arrears of hire-rent amounting to Rs. ............ together with a sum of Rs. ........... as agreed compensation for loss of profit under clause .............. of the said agreement.

4.    Please note that if you fail to return the hired goods within …… days from the issue of this notice, in terms of clause …... of the agreement, I or my servants or agents will enter upon the premises where the said goods are kept and seize and take possession thereof and in that case all costs and expenses of and incident to such retaking of possession of the said goods which may be incurred by me shall be payable by you. In case of failure by you to pay the hire- rent and agreed compensation within ………. days hereof, appropriate legal proceedings will be initiated against you, without further reference to you.

Yours faithfully,

Owner

Date …………………………..

 [CD1]Notice of Termination of Hire-Purchase Agreement