The Standard Hire Purchase Agreement is a crucial document used in India when a party wishes to purchase goods through installment payments while the seller retains ownership until full payment is made. This arrangement is commonly used for various assets ranging from vehicles to industrial equipment. The document must comply with Indian legislation, including the Hire Purchase Act (where applicable), the Indian Contract Act, and consumer protection laws. The agreement typically includes detailed specifications of the goods, payment terms, maintenance obligations, insurance requirements, and provisions for default and termination. It's particularly useful when buyers need to acquire expensive assets but prefer spreading the cost over time, while sellers want security through retention of title. The Standard Hire Purchase Agreement provides a structured framework that protects both parties' interests throughout the duration of the payment period.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identification of the owner/financial institution and the hirer with complete details
2. Background: Context of the agreement including the hirer's request and owner's consent to provide goods on hire purchase basis
3. Definitions: Definitions of key terms used throughout the agreement
4. Description of Goods: Detailed specification of the goods being hired
5. Payment Terms: Details of hire purchase price, deposit, number of installments, and payment schedule
6. Delivery and Acceptance: Terms regarding delivery, inspection, and acceptance of goods
7. Title and Ownership: Provisions regarding retention of title by owner until final payment
8. Hirer's Obligations: Responsibilities of the hirer including maintenance, proper use, and preservation of goods
9. Insurance: Requirements for insurance coverage of the goods
10. Representations and Warranties: Warranties regarding the condition of goods and representations by both parties
11. Default and Remedies: Consequences of default and available remedies
12. Termination: Circumstances and process for termination of the agreement
13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Guarantor Provisions: Required when a guarantor is involved to secure the hirer's obligations
2. Installation and Training: Necessary for complex machinery or equipment requiring professional installation or user training
3. Maintenance Services: When the owner provides ongoing maintenance services for the goods
4. Return Conditions: Detailed conditions for return of goods in case of termination, particularly relevant for high-value equipment
5. Assignment: Terms regarding the ability to assign rights under the agreement, particularly relevant for business agreements
6. Force Majeure: Provisions for unforeseen circumstances, particularly relevant for long-term agreements
7. Digital/Electronic Payment Terms: Specific provisions for electronic payment methods and platforms
1. Schedule 1 - Goods Specification: Detailed technical specifications, model numbers, serial numbers of the goods
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including dates, amounts, and payment methods
3. Schedule 3 - Delivery Details: Specific delivery instructions, location, and timeline
4. Schedule 4 - Condition Report: Initial condition report of the goods at the time of delivery
5. Schedule 5 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
6. Appendix A - Usage Guidelines: Detailed instructions for proper use and maintenance of the goods
7. Appendix B - Return Conditions Checklist: Detailed checklist for condition of goods upon return or termination
Find the exact document you need
Hire Purchase Agreement Motor Vehicle
An Indian law-governed agreement for vehicle purchase through installment payments, transferring possession to the hirer while the financier retains ownership until full payment.
Download
Family Loan Agreement No Interest
An Indian law-governed agreement for interest-free lending between family members, ensuring legal compliance while maintaining familial relationship aspects.
Download
Business Investment Loan Agreement
An Indian law-governed agreement establishing terms and conditions for a business investment loan between a financial institution and a business entity.
Download
Agreement Between Financier And Producer
An Indian law-governed agreement establishing terms between a financier and producer for content production funding, including financial terms and rights allocation.
Download
Agreement Between Financier And Company
An Indian law-governed agreement establishing terms for company financing, including loan terms, security arrangements, and regulatory compliance requirements.
Download
Soft Loan Agreement
An Indian law-governed agreement for loans with concessional terms, including favorable interest rates and repayment conditions.
Download
Private Car Payment Agreement
An Indian law-governed agreement for private vehicle purchase through installment payments, outlining payment terms and ownership transfer conditions.
Download
Loan Agreement And Mortgage
An Indian law-governed agreement combining loan terms with property mortgage provisions, establishing lending conditions and security interests over immovable property.
Download
Co Financing Agreement
An Indian law-governed agreement establishing terms for multiple financial institutions to jointly provide financing, detailing rights, obligations, and intercreditor relationships.
Download
Agreement For Financial Support
An Indian law-governed agreement establishing terms and conditions for providing and receiving financial support, ensuring regulatory compliance and party protection.
Download
Simple Loan Repayment Agreement
An Indian law-governed agreement establishing loan terms, repayment obligations, and securities between lender and borrower.
Download
Agreement For Hire Purchase Of A Motor Vehicle
An Indian law-governed agreement establishing terms for motor vehicle hire purchase, including payment terms, ownership rights, and transfer conditions.
Download
Overfacility Agreement
An Indian law-governed agreement establishing terms for additional credit facilities beyond existing arrangements, including facility terms, security, and regulatory compliance requirements.
Download
Tripartite Loan Agreement
An Indian law-governed agreement establishing a loan arrangement between three parties (lender, borrower, and third party), detailing loan terms, security arrangements, and party obligations.
Download
Loan Agreement Term Sheet
A preliminary document under Indian law outlining key terms and conditions of a proposed loan facility, serving as the basis for the final loan agreement.
Download
Lease Hire Agreement
An Indian law-compliant agreement governing the temporary use of assets through periodic payments, detailing rights and obligations of lessor and lessee.
Download
Deed Of Accession Loan Agreement
An Indian law-governed document allowing a new party to join an existing loan agreement, assuming associated rights and obligations under Indian legal framework.
Download
Co Borrower Loan Agreement
An Indian law-governed agreement establishing terms for a loan with multiple co-borrowers who share joint liability for repayment.
Download
Trade Finance Facility Agreement
An Indian law-governed agreement establishing terms for trade finance facilities between financial institutions and corporate borrowers engaged in international trade.
Download
Trade Finance Agreement
An Indian law-governed agreement setting out terms for trade finance facilities between a financial institution and a business entity, incorporating RBI and FEMA compliance requirements.
Download
Simple Unsecured Loan Agreement
An Indian law-governed agreement for unsecured lending, documenting loan terms, repayment conditions, and parties' obligations without requiring collateral.
Download
Promissory Loan Agreement
An Indian law-governed agreement documenting a loan arrangement where the borrower promises to repay a specified sum to the lender under defined terms.
Download
Project Finance Contract
An Indian law-governed agreement structuring project financing arrangements, including loan terms, security packages, and stakeholder obligations for infrastructure and development projects.
Download
Margin Loan Agreement
An Indian law-governed agreement establishing terms for lending against securities as collateral, subject to SEBI and RBI regulations.
Download
Loan Swap Agreement
An Indian law-governed agreement facilitating the exchange of loan payment obligations between parties, subject to RBI regulations and Indian banking laws.
Download
Financed Sales Contract
An Indian law-governed agreement combining sales and financing terms for asset purchases with structured payment arrangements and security provisions.
Download
Equipment Lease Purchase Agreement
An Indian law-governed agreement setting out terms for equipment lease with purchase option, including payment terms, maintenance obligations, and purchase conditions.
Download
Loan Agreement Secured By Property
An Indian law-governed agreement combining loan facility terms with security creation over immovable property.
Download
Partnership Deed For Finance Business
An Indian law-governed partnership agreement establishing a financial services business, detailing partner rights, responsibilities, and regulatory compliance requirements.
Download
Standard Trade Credit Agreement
An Indian law-governed agreement establishing terms for trade credit facilities between credit provider and borrower, including credit limits, payment terms, and security arrangements.
Download
Master Loan And Security Agreement
An Indian law-governed agreement establishing terms for secured lending arrangements, combining loan provisions and security arrangements in a master document structure.
Download
Rehabilitation Loan Agreement
An Indian law-governed agreement establishing terms for rehabilitation-focused financial assistance, combining lending provisions with rehabilitation requirements and monitoring mechanisms.
Download
Future Receivables Factoring Agreement
An Indian law-governed agreement for the purchase of future receivables by a factor from a business client, structured under the Factoring Regulation Act, 2011.
Download
Modification Of Loan Agreement
An Indian law-governed agreement that modifies existing loan terms between lender and borrower, ensuring regulatory compliance and legal enforceability.
Download
Standard Loan Agreement Between Friends
An India-compliant legal agreement that formalizes a loan arrangement between friends, including terms, conditions, and repayment schedules.
Download
Standard Hire Purchase Agreement
An Indian law-compliant agreement for the purchase of goods through installment payments, with ownership transferring upon final payment.
Download
Loan Payoff Agreement
An Indian law-governed agreement documenting the terms and conditions for the full and final settlement of an existing loan obligation between a lender and borrower.
Download
Master Asset Finance Agreement
An Indian law-governed master agreement establishing terms for multiple asset-based financing arrangements between a financial institution and borrower.
Download
Individual Loan Agreement
An Indian law-governed agreement establishing terms and conditions for a personal loan between a lender and individual borrower, including loan amount, interest, repayment terms, and security arrangements.
Download
Small Credit Agreement
An Indian law-governed agreement for small-scale credit facilities, detailing loan terms and compliance with RBI guidelines.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it