The Vehicle Hire Purchase Agreement is a crucial document used in India when a party wishes to acquire a vehicle through structured payments while the financier retains ownership until full payment. This agreement type is commonly used by both individuals and businesses, particularly when immediate full payment isn't feasible or desired. The document must comply with Indian legislation, including the Hire Purchase Act 1972, Motor Vehicles Act 1988, and relevant RBI guidelines. It typically includes detailed vehicle specifications, payment schedules, maintenance requirements, insurance obligations, and conditions for eventual transfer of ownership. The agreement protects both the finance provider's security interest and the hirer's right to eventual ownership, making it essential for vehicle financing transactions in India.
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1. Parties: Identification of the finance company/seller and the hirer with complete details including registration numbers, addresses
2. Background: Brief context of the transaction and the parties' intention to enter into a hire purchase arrangement
3. Definitions: Definitions of key terms used throughout the agreement including 'Hire Purchase Price', 'Installments', 'Vehicle'
4. Agreement to Hire: Core terms establishing the hire purchase arrangement and the hirer's right to purchase
5. Vehicle Details: Specific identification of the vehicle including make, model, registration, chassis number
6. Payment Terms: Details of hire purchase price, down payment, installment amounts, payment schedule, and interest rate
7. Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance conditions
8. Title and Ownership: Provisions regarding retention of title by owner until final payment and transfer conditions
9. Hirer's Obligations: Responsibilities including maintenance, insurance, usage restrictions, and payment obligations
10. Insurance Requirements: Mandatory insurance coverage terms and beneficiary requirements
11. Default and Remedies: Consequences of default, repossession rights, and cure periods
12. Termination: Conditions and procedures for early termination or completion of the agreement
13. Governing Law: Specification of Indian law as governing law and jurisdiction details
1. Guarantor Provisions: Required when a guarantor is involved to secure the hire purchase payments
2. Assignment and Transfer: Include when transfer rights need to be specifically addressed
3. Extended Warranty: Include when additional warranty terms are offered beyond standard manufacturer warranty
4. Return and Replacement: Include when specific vehicle return or replacement options are offered
5. Additional Services: Include when maintenance packages or other services are part of the agreement
6. Electronic Payment Terms: Include when specific electronic payment methods are mandated
7. Co-Hirer Provisions: Required when multiple hirers are involved in the agreement
1. Schedule 1 - Vehicle Specification: Detailed technical specifications of the vehicle including features and accessories
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and interest calculations
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and terms
4. Schedule 4 - Delivery Receipt: Vehicle delivery and acceptance confirmation form
5. Schedule 5 - Maintenance Requirements: Detailed maintenance schedule and requirements
6. Appendix A - Vehicle Inspection Report: Initial condition report of the vehicle at time of delivery
7. Appendix B - Required Documents: List of documents required from hirer including ID proofs, address proofs
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