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What Are The Requirements Of Hire Purchase Agreement

1.7 The amount of the loan is the credit (hire-purchase) provided to the buyer for the purchase of goods and that the buyer undertakes to repay / repay as repayment of the amount of the loan as well as the ancillary costs in accordance with the conditions set out in the contract to the postman instead of the seller. 25. The Renter has the possibility to purchase said machinery and equipment and the option is exercised by giving the Company one month`s notice. The call option may be exercised from the date of expiry of the specified period of this Agreement or from an earlier date. In the first case, the Renter is obliged to pay the Company an amount equal to the hire-purchase price of the machinery and equipment referred to in clause (3), less the total amount of the payments or the rupee paid up to that date, whichever is greater. In this situation, a consumer can assert claims against any party. A claim cannot be made against the manufacturer of the goods. AND CONSIDERING that the tenant has asked the company to rent said machinery and equipment so that the tenant can carry out the manufacturing activity. with an option for the tenant to buy the same. An installment purchase contract is drawn up and signed by the tenant (consumer) and on behalf of the owner (the lending institution). If a dealer is involved, for example a workshop, he also signs the contract and delivers the goods in question. 6.

If the tenant does not pay a monthly payment of the rental fee on the due date, the tenant is required to pay interest on them in the amount of ….. percentage per year from the time of default until payment. However, this is without prejudice to the Company`s right to terminate this Agreement due to late payment of monthly payments as set out below. 8.3 In the event of a breach of contract by the Seller, the Buyer is entitled to apply the remedies provided for in the legal acts (in particular in the Law of Obligations Act). If the Seller violates the contract, the Buyer has no right to refuse to fulfill its obligations to the Postman, except in circumstances that are imperative by legal acts. . . .

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