Hire Purchase of a Air-condition

THIS AGREEMENT OF HIRE-PURCHASER made and entered into at ……………… the day of …………………………………….. between M/s …………………………….. hereinafter called “the Company” of the ONE PART and Mr …….…………… residing at ……………………. Hereinafter called “the Hirer” of the OTHER PART as follows

(1)  The Company agreed to supply Air-condition on hire purchase basis made by M/s …………………….. particulars of the Air-conditioner.

(2) The price of the said Air-condition is fixed at Rs …….………. and the said …………………. will pay the same by monthly instalments of Rs…………… each by way of hire charges. The instalments will be paid or before the 7th day of each month following.  The instalment (or proportionate part thereof) for the current month has been paid on the signing of this agreement.

(3) The instalment amount includes the monthly interest on the unpaid amount of the price. When the said price is paid in full by instalments aforesaid the said air-conditioner shall be deemed to be sold to Mr ……………….

(4)  If Hirer makes default in payment of any three instalments after becoming due, the company will have the right to terminate this agreement by one month notice in writing and if within that period the instalments in arrears are not paid, this agreement shall stand terminated and Hirer shall return the Air-conditioner to the company forthwith at his costs.

(5)  The Company gives a guarantee for the proper working of the Air-conditioner for a period of ………………years from the date hereof and if the same goes out order during the said period, the Company will repair the same at its own cost. If however during the said period, the Air-conditioner goes out of order due to any negligence or wrong handling by the said hirer or anybody in his family or if the Air-conditioner goes out of the order after the said period, the said …………….. will get the same repaired at his own costs and the Company will not be responsible for the same.

(6) The said ……………… will have the option to pay the balance of the price at any time hereafter in which event this agreement will come to an end and the air-conditioner will be the property of the said …………………….

(7) The hirer has deposited with the company a sum of Rs …………… as security. On the termination of the said agreement as aforesaid, the company will refund the deposit without interest subject to any deduction of any liability of hirer for any damage done to the air-conditioner or otherwise and which will be assessed by the Company.

(8)  Until payment of the price in full is not paid hirer will not hypothecate or pledge the same or remove it form his place of residence.

Dated :…….………..               

Signed and delivered by the 
withinnamed Co……….
in the present of ………..

Signed and delivered by the
withininamed Hirer………. 
in the present of………..