Hire Purchase Agreement In India

14. The tenant cannot rent or lend these machines and equipment on another basis or allow them to be used by another person without the prior written consent of the company, and must not align them with a person to ensure payment of the money. 23. In the event of termination of this contract by termination in due course or previously by the company or tenant, or by any other means, as stated above, the company is required to pay the tenant the amount of the down payment less than the amounts that the tenant must pay to the company for the rental costs or by other means and the expenses to be paid or paid to the tenant with respect to these gifts to reimburse and reimburse not to pay by him. Any rental agreement must indicate – the lease is a contract by which goods are rented and the tenant has the option to buy the goods according to the terms of the contract. Leases are often used by the aviation and automotive industry for aircraft and automobile rentals. 19. This agreement is considered to have begun from the date of this agreement and remains for a period of … years from the date on which the … and (unless the tenant exercises the option to purchase as intended below), at the end of the aforementioned period or the previous termination of the latter, as is the following, provided that the tenant gives the machines and equipment mentioned in good condition at his expense at the place of activity of the company or as indicated by the company, provided that the tenant remains required to : to pay the rental costs until these machines and equipment are actually delivered to the company or taken over by the company. After the above research, we can conclude that the concept of the rental agreement is the best way to rent each item which is usually expensive to make and in the end you can even buy it if you are able. But in fact, it costs you more, because the money to miss temper is usually added with the interest and arrears of the item in question.

6. If the tenant does not pay a monthly rental fee on the due date, the tenant is required to pay interest of ……. to pay. From the date of delay to payment per year. However, this applies without prejudice to the company`s right to terminate the contract due to a delay in payment of monthly payments, as provided below. 22. The tenant also has the right to terminate this contract at any time by asking the company to pay no less than fourteen days in advance with this period, but in this case, the tenant is required to pay the company the sums earned for the rental fees and the amount of the rental costs to be paid for the period from the date of termination to the agreed period of that agreement. subject to the provisions of S. 10 (2) of the Leasing Act, as compensation for damages suffered by the company. It is the terms of the agreement that determine the real nature of the agreement.

In addition, unless the law is prohibited, the court may go behind the document to determine the true nature of the documents. In addition to the above obligations, the tenant may be granted the right to terminate the contract by handing the goods to the landlord at any time in good condition after paying a fine.

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