Hire Purchase Agreement is signed when a person hires goods for a certain period by paying instalments, and he can own such goods until the end of the agreement. This agreement lasts for a specified period. The consumer does not hold the goods until the last instalment is paid, but they can use the goods throughout the repayment. The hire purchase agreement can be held with the societies, finance companies, retail stores, banks, etc.
A hire purchase agreement is drawn and signed by the hirer (the consumer) and on behalf of the owner (the lending institution).
Generally, the Hire Purchase Agreements are entered between the hirer and the financier. The hire purchase agreement must fulfil the legal requirements of the Sale of Goods Act, 1930 and the Indian Contract Act 1872. Chapter 9 of the Indian Contract Act covers the provisions relating to hire purchase. The owner can recover the goods or can abandon the claim to the goods and sue for the damages in case of breach of the hire purchase agreement.
In the case of the Hire Purchase Agreement, registration is not necessary. In order to register the hire purchase agreement, the Stamp duty is payable under Article 5 Schedule 1 of the Stamp Act.
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