Are Phone Contracts Hire Purchase Agreement

31. Where disputes arise between the parties because of or in respect of the agreement, whether as to the nature of the interpretation or meaning of a concept of the agreement or in respect of claims of another party, the same party shall be referred to arbitration proceedings of a common arbitrator, provided that it has been agreed. Otherwise, two arbitrators are appointed by each of the parties and the arbitration is subject to the Arbitration Act of 1940. (7) For the duration of this contract, the lessee must keep the mentioned machines and installations in good condition and wait for them properly, as a wise man would do, and replace all parts that have been lost or out of use or break. 2.2 The contract is treated as a financing and credit agreement in which the seller and the factor undertake to finance the buyer within the limits of the amount of the loan, and the buyer undertakes to repay the amount of the credit to the factor, together with the accrued interest and ancillary costs, instead of the buyer, according to the conditions set out in the contract. 5. During the period during which the contract is in progress, the lessee of the company shall pay the company, in equal monthly instalments, an amount of Rs. . as a rental fee in advance, the first of these payments to be made during the performance of this contract and any subsequent monthly payment on or before .

The day of each following month is the next. Payment is made at the company`s registered office only in cash or by cheque in the name of the company. The lease purchase is organized by the car dealership, but brokers also offer this service. The company undertakes to hand over and deliver to the tenant the machines and equipment referred to in the following list, and, in accordance with the aforementioned agreement, the company has delivered to the tenant the possession of the aforementioned machinery and equipment. 3. The purchase price of such machinery and equipment is indicated in the subparagraph. excluding the amount of the deposit mentioned in the following clause and the amount of the deposit set out in the paragraph. . is accepted by both parties….