Assignment Of Hire Purchase Agreement

12. The lessee must insure, on behalf of the company, the machines and equipment mentioned with any recognized insurance company and pay the premium on the due date and regularly. The insurance policy is given to the company and the tenant must, from time to time, provide the company with proof of the premium or provide an actual copy or Xerox to the company. If the tenant does not guarantee these machines and installations or does not pay the premium at any time, the company has the right to insure the same or pay the premium, as the case may be, and the costs incurred by the company are paid by the tenant to the company when required. (a) The lessee must have and appreciate, during the existence of this contract, the silent possession of the aforementioned machines and appliances. 22. The tenant also has the right to terminate this contract at any time by dismissing the company no less than fourteen days in advance for this purpose, but in this case the tenant is obliged to pay the company the sums incurred for the rental costs, have not been paid and the amount of the rental fees to be paid for the period from the date of termination to the agreed amount. The term of this Agreement shall be deemed to be compensation for the damage suffered by the Company, subject to the provisions of S. 10(2) of the Hire Purchase Act.

These contracts are most often used for items such as high-quality cars and electrical appliances, where buyers cannot pay directly for the goods. THIS act of attribution to the …………… on this point……… Day of …………….., 2000, between a son of …………… Residence in ……… (hereinafter referred to as receiver of assignment) of PARTY ONE and B son of …………. Residence at ……………. (hereinafter referred to as the beneficiary of the transfer) of the other party.

30. If, at the time of the establishment of this Agreement, the Lessee does not supply the machinery and equipment in question to the Undertaking without any dispute, the Undertaking shall have the right to bring legal proceedings or other proceedings to repossess them, and the Lessee shall bear all costs. Costs and expenses incurred by the company on this behalf, subject to a court order. 19. This Agreement shall be deemed to have commenced from the date of this Agreement and shall remain valid for a period of. years from the date of this Agreement, which has ended until the date of . and (unless the tenant exercises the purchase option provided for below) at the expiry of the aforementioned period or the previous cessation thereof, as provided below, the tenant must return, in perfect working order, at his own expense at the place of activity of the company or on the instruction of the company, the aforementioned machinery and equipment, provided that the tenant remains obliged to pay the rental costs, until these machines and installations are actually delivered to the company or taken over by it. To be valid, HP agreements must be in writing and signed by both parties.

You need to clearly state the following information in a print that everyone can read effortlessly: 14. The tenant may not rent these machines and appliances without the prior written consent of the company, nor have them rented or have them used by another person without the prior written consent of the company and may not mortgage or mortgage them with any person to ensure the payment of funds. 6. If the tenant does not pay a monthly payment of the rental fees on the due date, the tenant is required to reward them up to ….. Percent per year, from the date of delay to payment. However, this applies without prejudice to the company`s right to terminate the agreement for late payment of monthly payments, as indicated below….

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