The main difference between a Hire Purchase and a Contract Hire is that with a Hire Purchase ownership of the equipment is transferred to the hirer on the payment of the last instalment.
A Hire Purchase arrangement is particularly suitable for businesses wishing to purchase assets without paying the full value immediately.
Please note: This Hire Purchase Agreement shall be used where both the supplier and the hirer are incorporated businesses (i.e. one company hires equipment, which it owns, to another company). Do not use this template where the hirer is a sole trader or another unincorporated body as certain hire purchase agreements are regulated under the consumer credit regime; and this agreement assumes that it is exempt from regulation under the consumer credit regime.
This Hire Purchase Agreement contains the following clauses:
- Definitions and Interpretation
- Equipment Hire
- Payments & Deposit
- Delivery of the Equipment
- Ownership and Insurance
- Supplier’s Obligations
- Hirer's Obligations
- Liability & Indemnity
- Consequences of Termination
- Confidential Information
- Entire Agreement
- No Partnership
- Third Party Rights
- Governing Law and Jurisdiction
This Hire Purchase Agreement is in Microsoft Word format, written in plain English, easy to use and edit.
Need Help Creating Your Template?
Let us check that your template has been edited correctly.
Need help with your template? Do you have questions on a template? Please get in touch!
You can use the phone number or contact form below to get in touch with us.
+44 (0) 208 870 5522
Can’t Find Your Template? Request It Now!
If we currently don’t have the template you need we can always draft it for you at no extra cost & 100% money back guaranteed, simply send us a no obligation request by filling in the form below.
We aim for a 7 day turnaround - you will receive an email notification when your template is ready for download from our website.