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Hire Purchase Agreement For Machinery
"Need a Hire Purchase Agreement For Machinery to acquire a new CNC machine worth $500,000 from ABC Manufacturing, with monthly payments over 48 months starting March 2025, including maintenance requirements and operator training provisions."
1. Parties: Identification of the owner/financier and hirer, including full legal names and addresses
2. Background: Context of the hire purchase arrangement and brief description of the machinery
3. Definitions: Key terms used throughout the agreement including 'Equipment', 'Hire Purchase Price', 'Term'
4. Description of Equipment: Detailed specification of machinery including make, model, serial numbers
5. Payment Terms: Details of installments, payment schedule, and total hire purchase price
6. Title and Risk: Provisions regarding ownership, transfer of title, and risk allocation
7. Maintenance and Use: Obligations regarding equipment maintenance and permitted use
8. Insurance: Required insurance coverage and responsibilities
9. Default and Termination: Consequences of default and termination provisions
1. Installation: Required when machinery needs specific installation requirements - use for complex machinery requiring professional installation
2. Training: Provisions for operator training - use when specialized training is needed for operation
3. Export Restrictions: Restrictions on moving equipment internationally - use for high-value machinery with export controls
4. Subletting: Terms regarding subletting of equipment - use when subletting might be permitted under certain conditions
1. Schedule 1 - Equipment Specification: Detailed technical specifications of machinery
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including dates and amounts
3. Schedule 3 - Maintenance Requirements: Specific maintenance schedules and requirements
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage
5. Appendix A - Delivery and Acceptance Form: Form to be completed upon delivery and acceptance of machinery
6. Appendix B - Warranty Documentation: Manufacturer's warranty terms and conditions
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