Draft the following Documents (Assume facts if necessary): Hire-Purchase Agreement

Hire Purchase Agreement THIS AGREEMENT made this .......... day of .......... between............ (hereinafter called the 'owners' which expression shall include the successors and assigns where the context so admits) of the one part AND............ (hereinafter called the 'hirer') of the other part. WHEREAS, the 'owner' is engaged in the business of manufacturing .......... and has agreed to let to the 'hirer'............ and the 'hirer' has agreed to take on hire the said goods more particularly described in the 'Schedule A' hereto for the term of............ years from............ 2019 on the terms hereby agreed to between the 'owner' and 'hirer' as follows: Hire: The 'hirer' shall pay to the 'owner' on the execution of this agreement the sum of ₹.......... the hire for the first month and on the first day of every calendar month or year during the hiring the sum of ₹.......... by way of hire for the said goods, or shall pay the rent specified in 'Schedule-B' hereto and payable without demand on the day therein mentioned. Option to purchase: The 'hirer' shall at any time during the hiring have the option of purchasing the said goods for ₹.......... and in that event the 'hirer' shall receive credit for all sums previously paid by him under the preceding clause. Until a purchase shall have been effected and the price fully paid the said goods shall remain the property of the 'owner'. Hirer's covenants: During the hiring tenure the 'hirer' will: not sell, pledge, hypothecate, charge or in any manner encumber the goods or part with possession of the said goods or any of them; not without the consent in writing of the 'owner', remove the said goods or any part thereof from the premises of the 'hirer' at............ and shall keep the 'owner' informed forthwith of any charge in address or shift of place; will not lend or transfer the goods to any other person without the previous sanction in writing of the 'owner'; will keep the goods in good order and condition and will, on the expiry of years or earlier termination of this agreement, return the same to 'owner' in the same condition in which it has been lent, reasonable wear and tear excepted, and all loss or damage due to breakage or any other cause shall be made good by 'hirer' at his own cost; pay all taxes, fees, duties, fines, registration charges, other expenses, payable in respect of the assets - when the same shall become due; permit the 'owner' or his authorised agent or nominee at all reasonable times to inspect and examine the condition of the said goods; shall keep the goods insured against all losses or damage by fire, tempest or theft upto the value of ₹.......... with an Insurance Company to be approved by the 'owner' and shall punctually pay all premia and produce to 'owner' when so required the receipts for the last premium payable and keep the insurance alive during the continuance of the agreement. If the said hired goods is injured or destroyed by fire or lost by theft all moneys received in respect of such insurance shall be paid forthwith to the 'owner' and the 'hirer' shall pay to the 'owner' all sums of money received in respect of such insurances who shall apply such money in making good the loss by replacement of such damaged part or parts or the entire goods of similar description and value whereupon such substituted part or parts or goods shall become subject to this agreement in the same manner as the original goods; in case of default by 'hirer' in payment of any insurance premium as mentioned in sub-clause (g) or the charges mentioned in sub-clause (e) above, the 'owner' may pay the same or any part thereof and any sum so paid by them shall be reimbursed by the 'hirer' together with interest thereon at the rate of 15% p.a. from the date of payment by the 'owner'; the 'hirer' shall indemnify the 'owner' against claims by third parties arising by accident caused by user of the asset until the determination of this agreement; the 'hirer' shall not use or permit or suffer the asset to be used in contravention of any statute and regulations for the time being in force or otherwise in any way contrary to law excepting as permitted under this agreement. The clauses should invariably cover inter alia the following matters: 'Hirer' agrees to make good to the 'owner' all damages to the asset (fair wear and tear excepted) and pay the 'owner' the full value of the asset in event of a total loss, whether the damage or loss be caused accidentally or otherwise and by any reason whatsoever and to keep the asset at the sole risk of the 'hirer', until the 'hirer' purchases the asset or returns it to the 'owner'. 'Hirer' agrees to pay expenses for repair deemed necessary by the 'owner', replace any damaged parts and not make any alteration or addition without previous written approval of the 'owner'. SCHEDULE A SCHEDULE B IN WITNESS WHEREOF the parties hereunto have set and subscribed their hands the day, month and year hereinbefore mentioned and bind themselves their heirs, successors and administrators and assigns. Witness: 1. Signature of Hirer Witness: 2. Signature of Owner