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Standard Hire Purchase Agreement

Standard Hire Purchase Agreement Template for Singapore

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Key Requirements PROMPT example:

Standard Hire Purchase Agreement

"I need a Standard Hire Purchase Agreement under Singapore law for financing a fleet of 5 delivery trucks for my logistics company, with a 20% deposit and 36-month payment term starting from March 2025."

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Document background
The Standard Hire Purchase Agreement is a crucial financing instrument in Singapore, regulated under the Hire-Purchase Act (Cap. 125). It enables individuals and businesses to acquire goods through structured payments while providing security for finance companies. This document is commonly used for vehicle purchases, industrial equipment, and high-value consumer goods. It must include specific statutory requirements, consumer protections, and clear financial terms as mandated by Singapore law. The agreement balances the interests of both parties by providing clear ownership structures, payment terms, and default provisions.
Suggested Sections

1. Parties: Identification of the finance company/creditor and the hirer/debtor

2. Background: Context of the hire purchase arrangement and description of the goods

3. Definitions: Key terms used throughout the agreement

4. Description of Goods: Detailed specification of the goods being purchased

5. Financial Terms: Purchase price, deposit, interest rate, total amount payable, and payment schedule

6. Payment Obligations: Terms and conditions of payment, including dates and methods

7. Title and Risk: Provisions regarding ownership and risk transfer

8. Insurance Requirements: Mandatory insurance provisions as per Hire-Purchase Act

9. Default and Termination: Consequences of default and termination provisions

Optional Sections

1. Delivery Terms: Details of delivery arrangements for the goods when specific delivery terms are required

2. Maintenance Requirements: Maintenance obligations for complex equipment or vehicles requiring specific upkeep

3. Trade-In Provisions: Terms relating to trade-in of existing goods when part of the transaction

4. Assignment Rights: Rights and conditions for assigning the agreement to third parties

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payments including dates and amounts

2. Specification of Goods: Detailed technical specifications and identification numbers

3. Insurance Schedule: Details of required insurance coverage and minimum requirements

4. Condition Report: Initial condition assessment for used goods

5. Statutory Notice: Mandatory notices required under the Singapore Hire-Purchase Act

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































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Industries

Hire-Purchase Act (Cap. 125): Primary legislation governing hire purchase transactions in Singapore, covering mandatory form requirements, statutory warranties, rights and obligations, repossession rules, early payment provisions, and disclosure requirements

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices, cooling-off periods, protection against unfair practices, and clear disclosure requirements in hire purchase agreements

Moneylenders Act: Legislation regulating money lending practices and financial aspects of hire purchase agreements

Form Requirements: mandatory documentation requirements including cash price, hire purchase price, interest rate, and payment schedule details

Goods Description: Detailed requirements for describing the goods being purchased under the hire purchase agreement

Delivery Terms: Specifications for delivery terms and conditions that must be included in the agreement

Insurance Requirements: mandatory insurance provisions and requirements that must be specified in the agreement

Interest Rate Regulations: Rules governing interest rate calculations and disclosure in hire purchase agreements

Fee Structure: Regulations regarding maximum fees and charges that can be imposed under the agreement

Payment Terms: Requirements for structuring and documenting payment terms, including default provisions

Cooling-off Rights: mandatory provisions for cooling-off periods and cancellation rights for the consumer

Repossession Procedures: Legal requirements and procedures for repossession of goods in case of default

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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