The Bike Hire Purchase Agreement is essential for businesses offering financing options for bicycle purchases in Australia. This document is particularly relevant when customers wish to acquire a bicycle through installment payments while having immediate use of the bike. The agreement structure complies with Australian consumer credit legislation and state-specific hire purchase regulations, making it suitable for both commercial and consumer transactions. The document includes crucial elements such as payment schedules, maintenance requirements, insurance obligations, and ownership transfer conditions. It's designed to protect both the seller's security interest in the bike and the purchaser's rights under Australian consumer protection laws. The agreement is commonly used by bicycle retailers, finance companies, and cycling equipment suppliers who offer hire purchase arrangements as a financing option.
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1. Parties: Identifies and provides full details of the finance company/seller and the hirer/purchaser
2. Background: Establishes context: seller owns the bike, purchaser wishes to acquire it through hire purchase, and basic transaction structure
3. Definitions: Defines key terms used throughout the agreement including 'Goods', 'Payment Terms', 'Purchase Price', 'Deposit'
4. Hire Purchase Terms: Details the core agreement: purchase price, deposit, installment amounts, payment schedule, and interest rate
5. Delivery and Acceptance: Specifies delivery arrangements and acceptance conditions of the bike
6. Title and Risk: Clarifies that title remains with seller until final payment, while risk passes to purchaser upon delivery
7. Payments and Fees: Detailed breakdown of payment obligations, including late payment fees and other charges
8. Insurance Requirements: Specifies mandatory insurance coverage for the bike during the hire purchase term
9. Maintenance and Use: Purchaser's obligations regarding bike maintenance and permitted use
10. Default and Termination: Consequences of default and conditions for agreement termination
11. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution
1. Trade-in Details: Include when there is a trade-in bike being used as part of the purchase arrangement
2. Accessories and Modifications: Include when specific bike accessories are included or when modifications are permitted/prohibited
3. Commercial Use Provisions: Include when the bike may be used for commercial purposes
4. Guarantor Provisions: Include when a guarantor is required for the hire purchase
5. Early Payment Options: Include when offering specific early payment discounts or arrangements
1. Schedule 1 - Bike Specifications: Detailed description of the bike including make, model, year, color, frame number, and condition report
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and allocation between principal and interest
3. Schedule 3 - Insurance Requirements: Specific insurance requirements including minimum coverage amounts and approved insurers
4. Appendix A - Condition Report: Detailed report with photos documenting the bike's condition at commencement
5. Appendix B - Maintenance Schedule: Required maintenance schedule and service intervals for the bike
Relevant legal definitions
Clauses
Relevant Industries
Retail
Financial Services
Transportation
Sports and Recreation
Cycling Industry
Consumer Goods
Asset Finance
Relevant Teams
Legal
Finance
Sales
Compliance
Operations
Risk Management
Credit Assessment
Customer Service
Business Development
Relevant Roles
Retail Manager
Finance Manager
Credit Officer
Sales Representative
Legal Counsel
Compliance Officer
Business Development Manager
Store Owner
Operations Manager
Contract Administrator
Risk Manager
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