Agreement On Hire Purchase
8. The contract is for the tenant himself and the rights of the tenant are not refundable or defensible by him for the benefit of third parties. Like leasing, lease purchase agreements allow companies with inefficient working capital to use assets. It can also be more tax efficient than the standard credit, as payments are accounted for as expenses – although any savings are offset by tax benefits resulting from depreciation. vi Release the owner from the rights of third parties resulting from an accident caused by the vehicle until the vehicle is returned to the owner or purchased by the renter within the meaning of this contract. 14. The tenant may not rent these machines and appliances without the prior written consent of the company, nor have them rented on another basis, nor have them used by another person, nor mortgage or mortgage them with a person in order to ensure the payment of funds. 26. Where the lessee exercises the option and pays the company the price of the machinery and equipment and other funds, as set out in clause (25) above, the sale of such machinery and equipment to the lessee is considered complete, since the option is terminated at the time the option is put into service.
Until then, however, the company will continue to own it. However, if the tenant does not pay the amount due and to be paid to the company, as indicated above, on the date or date from which the option is to take effect, this contract will be terminated and the tenant will immediately return the machinery and equipment to the company in good working order, as indicated above. 4. If the lessee complies with and correctly fulfils all the conditions contained therein and must be complied with and performed in turn and pays the landlord the amount referred to in clause 3 as well as all other sums he pays to the landlord in accordance with the provisions of this contract, the rent shall end and the vehicle in question shall be transferred to the property of the lessee and the lessee.