HIRE PURCHASE Clause Samples
A Hire Purchase clause outlines the terms under which a buyer can acquire goods by making an initial down payment and then paying the remaining balance in installments while using the goods. Typically, ownership of the goods remains with the seller until all payments are completed, and the buyer is responsible for maintaining the goods during the payment period. This clause facilitates access to expensive items without requiring full upfront payment, while protecting the seller’s interest until the purchase price is fully paid.
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HIRE PURCHASE. We have noted and agreed that the Hire Purchase Company stated in the Policy Schedule (hereinafter referred to as the Owners) are the Owners of Your Vehicle under a Hire Purchase Agreement made between the Owners and You. Any payment for the loss or damage to Your Vehicle (which loss or damage is not made good by repair reinstatement or replacement) under Section A of this Policy will be paid to the Owners so long as they are the Owners of Your Vehicle. Their receipt shall be a full and final discharge to Us in respect of such loss or damage. This Policy is issued to You as the principal party and not as agent or trustee for the Owners nor as an assignment by You to the Owners of your rights, benefits and claims under this Policy. You shall not assign your rights, benefits and claims under this Policy without prior written consent from Us. Subject otherwise to the Terms and Conditions of this Policy.
(a) EMPLOYERS' LOAN
HIRE PURCHASE. We have noted and agreed that the Hire Purchase Company as specified in the Schedule under "Hire Purchase Company or other interest" (hereinafter referred to as the Owners) are the Owners of Your Vehicle under a Hire Purchase Agreement made between the Owners and You. Any payment for the loss or damage to Your Vehicle (which loss or damage is not made good by repair, reinstatement or replacement) under Section A of this Certificate will be paid to the Owners so long as they are the Owners of Your Vehicle. Their receipt shall be a full and final discharge to Us in respect of such loss or damage. This Certificate is issued to You as the principal party and not as agent or trustee for the Owners nor as an assignment by You to the Owners of Your rights, benefits and claims under this Certificate. You shall not assign Your rights, benefits and claims under this Certificate without prior written consent from Us. Subject otherwise to the Terms and Conditions of this Certificate. We have noted and agreed that the Company as specified in the Schedule is interested in any moneys payable to You vide this Certificate in respect of loss or damage to Your Vehicle (which loss or damage is not made good by repair, reinstatement or replacement) and such moneys shall be payable to the Company as specified in the Schedule until notice is given to Us that they have no financial interest in Your Vehicle, and their receipt shall be a full and final discharge of Our liability in respect of such loss or damage.