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Hire Purchases
Access 27 hire purchase legal draft templates including agreements for vehicles, machinery, furniture, guarantees, assignments, and termination notices tailored for Indian legal use.
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Quick Overview
All templates are provided for reference and should be reviewed by legal professionals before use.
Frequently Asked Questions
Common questions about Hire Purchases legal templates
What is a hire purchase agreement?
It is a contract where a buyer hires goods and agrees to purchase them by paying installments over time.
Can hire purchase agreements include a guarantor?
Yes, some agreements include guarantors who ensure payment if the hirer defaults.
What types of goods can be covered under hire purchase?
Vehicles, machinery, furniture, electronics, and other movable assets are commonly covered.
What is a notice of assignment in hire purchase?
It informs the hirer that the benefit of the hire purchase agreement has been assigned to another party.
How can a hire purchase agreement be terminated?
Termination can be done via mutual consent, breach of contract, or upon full payment as per notice terms.
Is a hire purchase agreement legally binding?
Yes, once signed, it is a binding contract enforceable by law.
What is the role of a financier in hire purchase?
The financier provides funds or credit to the hirer or seller under the hire purchase contract.
Can hire purchase agreements be customized?
Yes, agreements can be tailored to specific goods, payment terms, and parties involved.
What happens if the hirer defaults on payments?
The owner or financier may terminate the agreement and repossess the goods.