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1. Parties: Identification of the Seller/Finance Company and the Purchaser with full legal names and addresses
2. Background: Context of the agreement, including brief description of the asset and purpose of the hire purchase arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Asset Description: Detailed description of the asset including specifications, condition, and identification numbers
5. Purchase Price and Payment Terms: Total purchase price, deposit amount, installment amounts, payment schedule, and applicable interest/profit rate
6. Delivery and Acceptance: Terms regarding delivery of the asset and acceptance procedures
7. Title and Risk: Provisions regarding ownership during the hire period and transfer of title upon final payment
8. Insurance and Maintenance: Requirements for insurance coverage and maintenance obligations of the purchaser
9. Warranties and Representations: Warranties regarding the asset and representations by both parties
10. Default and Termination: Events of default, consequences, and termination procedures
11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Islamic Finance Compliance: Required when the agreement needs to comply with Sharia principles, including specific terminology and structure
2. Security Provisions: Required for high-value assets or when additional security is needed beyond the asset itself
3. Registration Requirements: Needed for assets requiring government registration (e.g., vehicles)
4. Third Party Rights: Required when there are guarantors or other third parties involved in the transaction
5. Early Payment Provisions: Optional terms for early settlement and any applicable rebates
6. Asset Usage Restrictions: Required for specific assets with usage limitations or specific requirements
1. Schedule 1 - Asset Details: Detailed technical specifications and condition report of the asset
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and profit/interest calculations
3. Schedule 3 - Insurance Requirements: Specific insurance requirements including types of coverage and minimum amounts
4. Schedule 4 - Delivery and Acceptance Form: Form to be completed upon delivery confirming the condition and acceptance of the asset
5. Schedule 5 - Maintenance Requirements: Detailed maintenance schedule and requirements for the asset
6. Appendix A - Required Documents: List of documents required from the purchaser (ID, licenses, etc.)
Asset
Business Day
Commencement Date
Default Rate
Delivery Date
Deposit
Due Date
Early Settlement Amount
Event of Default
Final Payment Date
Finance Amount
Hire Purchase Price
Installation Location
Installment Payment
Insurance Policy
Interest Rate
Late Payment Charge
Maintenance Requirements
Material Adverse Effect
Payment Schedule
Profit Rate
Purchase Price
Purchaser
Registration Authority
Relevant Authority
Security
Seller
Specification
Term
Title Documents
Total Loss
Transfer Date
Warranty Period
Asset Description
Payment Terms
Delivery
Title and Risk
Insurance
Maintenance and Repairs
Usage Restrictions
Warranties
Representations
Default
Termination
Early Settlement
Assignment
Security
Force Majeure
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Third Party Rights
Registration
Compliance with Laws
Indemnification
Records and Inspection
Set-Off
Automotive
Manufacturing Equipment
Construction Equipment
Industrial Machinery
Commercial Vehicles
Office Equipment
Medical Equipment
Technology and IT Hardware
Marine Equipment
Agricultural Equipment
Legal
Finance
Commercial
Risk Management
Compliance
Sales
Operations
Credit
Business Development
Asset Management
Treasury
Finance Manager
Legal Counsel
Commercial Director
Credit Manager
Risk Officer
Compliance Officer
Sales Manager
Contract Administrator
Business Development Manager
Operations Manager
Asset Manager
Financial Controller
Treasury Manager
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