Sample Of Hire Purchase Agreement In Nigeria

2. The owner delivered the vehicle mentioned to the tenant and allowed the tenant to use the vehicle mentioned in the usual manner. Suppose the tenant then decides to balance the balance in large quantities…. Doesn`t the tenant have the right to pay in bulk? In Nigeria, common law rules were in effect with respect to rental-sale. These rules seemed to have a lot of difficulties for the parties, especially the tenants of goods. In 1965, for example, the Hire Purchase Act was passed to regulate leases in Nigeria. (iv) the aforementioned vehicle is insured and insured as long as the rental in the common name of the landlord and tenant is maintained against all risks and the tenant pays all premiums to be paid to the insurance company. If the tenant becomes the owner of this vehicle under the terms of this agreement, the landlord will transfer to the tenant the benefits of an insurance policy with respect to the vehicle in question. 6. If the tenant is late, the monthly amount that must be paid by indicating it is the ……… days after they have expired or do not meet or do not meet any of the conditions of this agreement; The landlord may, without prejudice to his right to a late rental or compensation (if any) for violation of this Agreement, terminate the tenancy without notice and resume physical possession of the vehicle himself or through his agents or agents, and the tenant does not object to the owner or his agents or agents taking possession of the vehicle and/or deciding in writing to the tenant of the agreement and classification. In the event of termination of this type, the tenant must immediately return the vehicle in question to his place of residence and the tenant pays the owner a sum of Rs…………… each month until the vehicle is returned to the owner.

Under common law, rental-sale transactions were reversed for the benefit of the owner of the merchandise rather than the tenant. The landlord had many privileges to the detriment of the tenant. Even under common law, the contract was generally not established in writing. This gave the landlord many opportunities to use the tenant. Do you constitutionally allow two (2) agreements that indicate different types for a single property? Z.B. Motorcycle rental with #30,000 per month for 7 months, this agreement includes the company`s letter paper, including the company`s registration number. While another deal, the #50,000 for the same 7 months on the same bike. (iii) all royalties, royalties, royalties, registration fees and other taxes payable for the vehicle, the maintenance of the vehicle in good repair and working condition, and allow the owner and the persons it authorizes to access the vehicle for the purpose of verifying the condition of that vehicle. If the tenant does not fail or neglect to repair the vehicle in question or to keep it in good repair condition, the owner is authorized, but not obliged to make, seize or ensure that the vehicle in question is confiscated and that the same vehicle is repaired and that he keeps the same vehicle in his care until the tenant pays the bills for the repair of that vehicle.