Hire-purchase definition
Hire-purchase or “hire-purchase system” means a system in which a participant takes steps to secure rights in a property under a scheme by payment of an initial deposit and also a specified number of monthly installments spread over a specified number of years during which he remains a tenant on the terms and conditions set- forth for the purpose and on the expiry of the said years, ceases to be a tenant and becomes purchaser of the property, after payment and clearance of all dues and “Hire-purchase Agreement” shall be construed accordingly;
Hire-purchase means a type of leasing by which a foreign lessor provides a lessee with the use of a specified capital goods, against payment of mutually agreed installments over a specified period under which, with each lease payment, an equal percentage of the ownership is transferred to the lessee and, upon effecting of the last payment, the ownership of the capital goods shall automatically be transferred to the lessee;
Hire-purchase means a bailment of goods—
More Definitions of Hire-purchase
Hire-purchase means the bailment of goods in pursuance of an agreement under which the bailee may buy the goods or under which the property in the goods will or may pass to the bailee, and "hire‐purchase agreement" shall be construed accordingly; and where by virtue of two or more agreements, none of which by itself constitutes a hire‐ purchase agreement, there is a bailment of goods and either the bailee may buy the goods, or the property therein will or may pass to the bailee, the agreements shall be treated for the purposes of this Act as a single agreement made at the time when the last of the agreements was made;
Hire-purchase means a contract under which the lessor agrees to lease the assets to the lessee for a specified period of time, with the intention of transferring ownership on the expiry of the lease;
Hire-purchase or ‘Hire-Purchase system’ means a system in which a participant takes steps to secure rights in a property under a scheme by payment of deposit and also a specified number of monthly instilments spread over a specified number of years during which he remains a tenant on the terms and conditions set for the purpose and on the expiry of the said years ceases to be a tenant and becomes owner after payment of all dues.
Hire-purchase or "Hire-Purchase System" means a system in which a hirer after having paid 25% of the price or such percentage of the price of the property as may be prescribed by the Board in the scheme, executes a hire-purchase tenancy agreement;
Hire-purchase means a hire-purchase in accordance with the
Hire-purchase or "Hire-purchase System" means a system in which a participant takes steps to secure rights in a property
Hire-purchase means the bailment of goods in pursuance of an agreement under which the bailee may buy the goods or under which the property in the goods will or may pass to the bailee, whether on the performance of any act by the parties to the agreement or any of them or in any other circumstances.