How To Draft A Hire Purchase Agreement In Nigeria

12. All disputes, disputes and/or claims arising from this agreement are settled by arbitration proceedings pursuant to or amend the Indian Arbitration Act of 1940 and referred to Shri`s exclusive arbitration……………. or in the event of death, refusal, negligence, inability to act as an arbitrator to obtain the only conciliation of Shri………………. The arbitrator`s award is final and engages the parties. (ii) Do not remove the vehicle in question from the city…………. Unless the landlord has obtained written permission in this matter and the landlord grants the authorization subject to certain conditions, the tenant complies with all the conditions imposed with respect to that authorization. 4. If the tenant takes due account of all the conditions contained in it and must be carried out, he fulfils his benefit and pays the landlord the amount covered in point 3, as well as all other amounts: if they are paid to him in accordance with the provisions of this Agreement, the tenancy will end and the vehicle in question will be the property of the tenant and the landlord will transfer and make all his rights and interest on the tenant, but the tenant has the option to purchase the vehicle in question at any time during the rental period by paying, in a lump sum, the balance of all rents and other expenses indicated above and incurred by the landlord. Until all of the above payments are made, the vehicle remains the property of the owner.

AND the owner also assured the tenant that he would have the right to sell the vehicle in question at the time of passage and that the vehicle in question is free or not used at the time of the passage of the land. 13. The parties herehese acknowledge that the agreement has been fully declared to them, that they have understood the importance of all the clauses in this agreement and that they have signed this agreement with full understanding of the commitments made to it. A lease-sale agreement is a form of lease with option to sell. The owner of a property rents it and agrees to sell it to the tenant, or that it is transferred to the tenant`s property on the condition that he make a certain number of payments. However, until the last payment, the tenant does not own the property. Until the tenant exercises the right to acquire the property under the contract, the property or ownership remains with the owner. Thus, if the need arises, the owner can recover his property by the tenant. 10.

The lessor has authorized the tenant to register the vehicle in his own name, in accordance with the provisions of the Self-Driving Vehicle Act 1988 and the provisions contained in it, provided that the tenant entrusts that registration to the owner if he returns the vehicle to the owner in accordance with this agreement.