Hire Purchase Agreement ORIGINAL

Hire Purchase Agreement
Between
MR. OKOLIE FELIX

Idumubulu Quarters, Ogbekenu, Onicha – Ugbo, Delta State
(Owner)
And
MR. SAIFULLAHI
(Off Ibusa Road, Wazobia Market, Asaba, Delta State
(Hirer)
PREPARED BY :
MR. OKOLIE FELIX
Idumubulu Quarters,
Ogbekenu, Onicha – Ugbo,
Delta State
THIS HIRE PURCHASE AGREEMENT is made this 29th day of August, 2022
BETWEEN
MR. OKOLIE FELIX of No. Idumubulu Quarters, Ogbenekenu, Onicha – Ugbo, Delta State of
Nigeria hereinafter referred to as “THE OWNER” which expression shall where the context so
admits include his Heirs, successors -in -title, Executors, Administrators, Agents, Privies,
Legal/personal Representative and Assigns of the ONE PART.
AND
MR. SAIFULLAHI
MR. SAIFULLAHI is of IBusa Road, Wazobia Market, Asaba, Delta State (hereinafter refer to as “
THE HIRER” which expression shall where the context so admits include his Heirs, successors -in
-title, Executors, Administrators, Agents, Privies, Legal/personal Representative and Assigns of
the OTHER PART.
WHEREAS:
1. The Owner is the beneficial Owner of a complete brand new QLINK TIGER 150
Motorcycle with the
REGISTRATION NUMBER: SLK 713 UC
CHASIS NUMBER *QLMPCK4JONA000846*
2. The HIRER is desirous of driving the motor cycle.
3. The OWNER has agreed to allow the HIRER to drive the motor cycle upon the terms and
conditions herein contained.
WITNESS AS FOLLOWS:
In consideration of the sum of N10,000 (Ten Thousand Naira only ) per week with effect from
Monday, 29thAugust, 2022 which is to be paid by the HIRER and the agreement and covenant
herein contain the parties hereby agreed as follows:
1. That the, motor cycle coverage shall be within Delta State and its environs. In no
circumstances whatsoever should the motorcycle be used by the HIRER outside the
coverage area, without permission of the OWNER first sought and obtained.
2. That the N10,000(Ten Thousand only) be paid to the OWNR by the HIRER every week
(Sunday)
3. It is hereby agreed by both parties that at the end of 45 weeks (after the
commencement of this agreement) provide the HIRER has paid a cumulative total fee of
Four Hundred and fifty thousand Naira only(N450,000) to the OWNER, the Motorcycle
shall become his. It is further agreed that if the HIRER Completes the cumulative of Four
Hundred and Fifty Thousand Naira only (N450,000) after 45 weeks before the end of 45
weeks, the ownership of the Motorcycle PASS to him but if he fails to complete the
cumulative amount of Four Hundred and Fifty Thousand Naira(N450,000) after 45
weeks, the Motor cycle will be collected from him and this agreement the motorcycle
will be terminated.
4. That the motor cycle is not handed over to another person or a third party by the HIRER
without permission of the OWNER first sought and obtained.
5. That in the event of incapacitation due to sickness or bereavement on the part of the
HIRER or any other circumstances that will render the motorcycle in-operation such that
the weekly consideration paid by the HIRER, same must be communicated to the
OWNER and the motorcycle parked within the residence of the OWNER or any other
place approved by him.
6. In any case of damage /accident/loss traceable to recklessness on the part of the HIRER,
THE HIRER/GUARANTOR will be held responsible for the cost of repairs of such damage
or outright replacement.
7. The HIRER will be responsible for the maintenance of the motorcycle without a
distortion of the weekly account delivery
8. The HIRER will provide a surety who is s resident within Asaba and has a traceable
address
IN WITNESS WHEREOF of the parties have hereunto set their hands, this day, and this year first
above written
SIGNED BY THE WITHIN NAMED
“OWNER”
…………………………………
MR. OKOLIE FELIX
In the Presence of :
Name of Witness: ………………………………………
Address: ……………………………………………………
Occupation ………………………………………………….
Phone No.: …………………………………………………..
Signature:…………………………………………………….

“HIRER”
………………………………………….
MR. SAIFULLAHI
In the Presence of
Name of Witness …………………………………………..
Address …………………………………………………………….
Occupation ………………………………………………….
Phone No.: …………………………………………………..
Signature:…………………………………………………….
“Witness”

Hire Purchase Agreement ORIGINAL

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Hire Purchase Agreement ORIGINAL

Uploaded by

Copyright:

Available Formats

Hire Purchase Agreement

MR. OKOLIE FELIX

CHASIS NUMBER QLMPCK4JONA000846

2. The HIRER is desirous of driving the motor cycle.

SIGNED BY THE WITHIN NAMED

You might also like