HIRE –PURCHASE AGREEMENT FOR A T.V. SET

HIRE –PURCHASE AGREEMENT FOR A T.V. SET

            THIS AGREEMENT made on this………………day of…………….BETWEEN  AB, etc. (hereinafter called the “owner”) of the  one part and  CD,  etc., (hereinafter called the “hirer”) of the second part and EF,  etc., (hereinafter called the “guarantor”) of the third part.

1.         The hirer  has agreed to take on  hire a T.V.  set of……………make No………………..;

2.         The owner has agreed to give on hire  the said   T.V. set to the hirer under the terms and conditions hereinafter appearing ; and

3.         In condition of the owner  having delivered  the said  TV set to the hirer on the assurance of the said guarantor in  accordance  with the terms mentioned below :

            NOW  THIS AGREEMENT  between the aforesaid parties  WITNESSES  as follows :

1.         That the  hirer has paid  a sum of Rs……………..as  the first  instalment  of the hire  for the month commencing  with……………..in advance  of the date of this agreement (the  receipt whereof  the owner hereby acknowledges).  The  hirer shall hereafter  pay a sum of Rs………………. per month in advance continuously  and punctually on the …………..day of………….to the owner for the use of the said T.V.  set at………………..(particulars of the house).

2.         That  in case the hirer pays to the owners punctually………….. instalments as aforementioned, i.e.,  has paid a sum of Rs……………in all as hire as abov-mentioned till the date of…………it shall be at the option of the hirer to become the owner  of the said T.V. set on payment of Re. 1 to the owner in which event the hirer  become  the absolute  owner of the said T.V. set. But until the actual payment of the total  sum of Rs…………..paid monthly as  hire and until the payment of Re.1 for  option  to purchase, the  property in the T.V.  set shall remain  in the owner  and the hirer  shall be deemed to be merely   a bailee  thereof without any  right to part with possession  of the said T.V.  set to be used or kept in custody by any other person. I shall, however,  be open to the said hirer  to pay the sum of Rs………….including the  sums already paid as hire by him as aforesaid  before  the final  payment of the last hire instalment as aforementioned  and    on  payment  of the said balance  along with Re.1 for  option  to purchase the same  the hirer  shall become  along  the owner  of the said  T.V. set. In case  the hirer  shall desire  to terminate  this hirer  agreement prior  to the  payment  of the   instalments of hire as  aforementioned, hirer  shall be  bound to pay at least the sum of Rs…………..(50 per cent of the price) to cover  the depreciation  and the fall  in price of the T.V.  set. The  owner shall be   entitled  to terminate this agreement in the event of the hirer making default in the punctual payment of the  hire instalment as agreed  to above. In that event, the owner shall be entitled  to seize the said T.V. set and take possession of it and the hirer shall give access to the owner for such purpose and the owner shall not be liable to the hirer for such action in any manner whatsoever. The owner in such an event shall be entitled to recover from the hirer all the hire instalments  in arrear and in case such instalmets be less than 50 per cent of the orginial price (viz. Rs………………) he shall  be  entitled  to recover the balance that accrues  after taking  into account the previous  hire instalments paid to the extent to which the said payments do not equal the 50 per cent. Of the said price of the  T.V. set.

3.         That in case the T.V.  set is destroyed or injured in any manner while in custody of the hirer, the hirer shall be bound to get the said T.V. set repaired  immediately  and in the event of the non-repair the owners will be entitled   to seize the said  T.V. set and get it repaired and realise the said repairs  besides his  dues as aforementioned.

4.         That the hire shall be bound to pay all public charges and licence fees until he becomes the owner of the said T.V. set as aforementioned  and in default whereof, the hirer shall be liable for any damages to the owner. The hirer shall not be  entitled  to remove the said T.V. set from the  aforementioned premises  except with the consent in writing of the owner.

5.         That in consideration of the owner having delivered the said T.V.  set  to the hirer on the terms  as  aforementioned  the guarantor has  agreed  with the owner to guarantee  the punctual  and continuous  payments of the hire instalments  as   aforementioned  until  either  the hire agreement is  terminated by  the hirer or until  all the hire instalments as aforementioned  have been  paid to the owner. The guarantor  shall also be liable to the owner  for any damages caused to the said  T.V. set in any manner whatsoever whilst  in custody  of the hirer or until  it  is  delivered  in good condition to the owner in accordance  with or pursuant  to the terms of this agreement or until it is  seized by the owner in the events aforementioned. The  guarantor, his heirs and successors shall be liable  to be truly bound  by the terms of this agreement.

            IN WITNESS WHEREOF, the parties hereto have signed this hire agreement  with the option of purchase as mentioned above.

            EF                                                                                                                   AB

…………………                                                                                            ………………..

(Guarantor)                                                                                                   (Owner)

                                                                                                                         CD

                                                                                                                        ……………

                                                                                                                        ( Hirer)