¶¶Òõ¶ÌÊÓƵ

The Agreement For Hire Purchase Of A Motor Vehicle is a crucial document in India's vehicle financing landscape, used when a party wishes to purchase a vehicle through structured payments while the seller retains ownership until full payment. This agreement type is governed by Indian law and combines elements of both lease and purchase arrangements, making it distinct from straight purchases or conventional leases. It must comply with multiple Indian legislations including the Motor Vehicles Act 1988, state-specific hire purchase laws where applicable, and the Indian Contract Act 1872. The document typically includes detailed vehicle specifications, payment schedules, maintenance requirements, insurance obligations, and conditions for ownership transfer. It's particularly relevant for both individual and corporate vehicle acquisitions where immediate full payment isn't preferred or feasible.

1. Parties: Identification of the finance company/seller (owner) 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', 'Initial Payment', 'Installments', etc.

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, chassis number, engine number, registration details

5. Financial Terms: Details of hire purchase price, initial payment, number and amount of installments, interest rate, and payment schedule

6. Delivery and Acceptance: Terms regarding delivery of the vehicle and acceptance by the hirer

7. Title and Ownership: Clarification that title remains with the owner until final payment, conditions for transfer of ownership

8. Hirer's Obligations: Responsibilities including maintenance, insurance, proper use, and restrictions on sale or modification

9. Insurance Requirements: Mandatory insurance requirements and specifications for coverage

10. Default and Repossession: Consequences of default, owner's rights for repossession, notice requirements

11. Termination: Conditions and process for early termination, consequences, and settlement terms

12. Governing Law: Specification of Indian law as governing law and jurisdiction details

13. Execution: Signature blocks and execution formalities