Agreement Of Sale And Hire Purchase

As part of a conditional sales contract, the property will be automatically transferred to you as soon as the financing has been fully repaid. 26. With respect to the exercise of the option and the payment of the price of the machinery and equipment and other funds covered in point 25, the sale of these machines and equipment to the tenant is considered to be completed, as the option comes into effect on the effective date of the option. Until then, however, the company will remain the owner. However, if the tenant does not pay the amount owed and to pay to the company, as it is payable on the date the option takes effect, that contract is terminated and the tenant will immediately return the machinery and equipment to the company in good working condition. If the seller wants to recover the object of the purchase, an account must be settled between the seller and the buyer for a rental purchase. The seller and buyer can agree on the account. If they do not enter into an account contract, the account will be settled by a reluctant official. The seller may also request in writing a request for executive assistance from a licensed official to recover a property from the buyer if the lease has been entered into in accordance with the legal provisions. As far as the executive is concerned, the agent also pays an account between the seller and the buyer. A rental agreement must contain the following indications: (a) the tenant must, during the stay of this contract, have the tacit possession of the machines and equipment concerned and enjoy them. 18. The tenant is required to pay the rental fee on a monthly basis, whether these machines and facilities work or remain inactive for lack of work or for some other reason.

Lenders sometimes say that you have to pay the full amount based on the amount owed under the agreement before you can terminate it.C is wrong. In this case, you can get help from an experienced advisor, for example. B in a citizen advisory office. To search for details of your nearest CAB, including those who can advise Pere-Mail, click on the nearest CAB. Like leasing, leases allow companies with inefficient working capital to provide assets. It can also be tax efficient than standard credits, as payments are accounted for as expenses – although all savings are offset by possible tax benefits on depreciation. 22. The tenant also has the right to terminate this contract at any time by asking the company to pay no less than fourteen days in advance with this period, but in this case, the tenant is required to pay the company the sums earned for the rental fees and the amount of the rental costs to be paid for the period from the date of termination to the agreed period of that agreement. subject to the provisions of S. 10 (2) of the Leasing Act, as compensation for damages suffered by the company. A conditional sales contract is the same as the rental purchase, except that you automatically own the car as soon as the financing has been fully repaid.

27. Notwithstanding the conclusion of the sale of the machinery and equipment, the company has a right of guarantee or a fee for all funds due and payable by the tenant under this agreement.