Eberechi Uzor

HIRE PURCHASE AGREEMENT This Agreement is made this day _________________ between Waive Software Incorporated, a Company having registered office at _________________________ (full address) hereinafter referred to as 'Waive Delivery' of the One Part and SB-TEAM & Co. Ltd. of ___________________ (full address) hereinafter referred to as 'the Hirer' of the Other Part. WHEREAS, the Company is the owner of the motorcycle (bike) intended for delivery services and which is more particularly described in the Schedule hereunder. AND WHEREAS, the Hirer has requested the Company to give the said bike on hire to enable the Hirer to carry on the business of delivery with no option of purchase to the Hirer. AND WHEREAS, the Company has agreed to do so on the following terms and conditions agreed upon between the parties. NOW, It Is agreed by and between The Parties as follows: 1. The Company agrees to give two (2) bikes on the terms and conditions hereinafter mentioned and pursuant to the said Agreement the Company has delivered possession of the said bike to the Hirer. 2. Bike can be owned after complete remittance, which can be the weekly installment payment or one off payment. 3. The hire-purchase price of the said bikes are fixed at #3,000 daily remittance each. The cumulative amount for 5 working days shall be remitted on or before 4:00pm on Friday. This daily amount is non-negotiable. The following payment terms shall be in place: ● Payment is to own a bike at Eight Hundred and Fifty Thousand Naira (#850,000) each. SB-Team will own the two (2) bikes provided to you at One Million and Seven Hundred Thousand Naira (#1,700,000) only. ● Hirer must remit the sum of Fifteen Thousand Naira (#15,000) each week (Monday - Friday) to Waive for two (2) bikes, i.e; #30,000 weekly remittance for two (2) bikes provided to SB-Team. ● Hirer will pay a refundable Caution Fee of Twenty Thousand Naira (#20,000) each, i.e; the total sum of Caution Fee to be remitted is Forty Thousand Naira (#40,000) only. ● As at this day Thursday 22nd December, 2022; hirer has remitted the total sum of One Hundred and Twenty-four Thousand Naira (#124,000) to Waive in the bid to acquire two (2) bikes. 4. During the pendency of this agreement the Hirer shall solely bear the cost of the basic operations and general maintenance of the bike. It is mandatory for Hirer to report at designated Mechanic Workshop for Monthly Maintenance Check (last week of every month). HIRE PURCHASE AGREEMENT 5. If the Hirer fails to make remittance of the hire charges promptly, then the Hirer shall be liable to pay interest thereon at the rate of 40 per percent if its delay extends to three days. In the case of delayed remittance of over a week (7 days), the Hirer is expected to return the bike to the company in perfect condition without prejudice to the right of the Company. 6. During the pendency of this agreement the Hirer shall keep the bike in good working condition and shall maintain it properly as a man of prudence would do and shall replace any of the parts thereof lost, disused, out-of-use or broken. 7. The Company through its authorized representative shall be entitled to inspect the bike at any time and for that purpose to enter into the premises where the bike will be kept and the Hirer shall allow the Company and its representative to do so. 8. The Hirer shall use the bike for the delivery of goods and services and not for any other purpose without the prior consent of the Company. 9. The Hirer shall not give the bike on hire or on any other basis or to allow it to be used by any other person without the prior written consent of the Company and shall not hypothecation or pledge the same with any person to secure payment of any money. 10. If the Hirer commits breach of any term of this Agreement or fails to pay any two monthly installments of hire charges, the Company will have the right to immediately terminate this agreement and actions will be taken to that effect. 11. The Hirer shall have also a right to terminate this agreement at any time by giving not less than five days' prior notice to the Company to that effect but in such a case the Hirer will be liable to pay to the Company the amounts which have accrued due towards hire charges have not been paid. 12. If the bike is lost or wholly destroyed or damaged beyond repairs by fire, floods or earthquake or for any other reason, the Hirer shall make good the loss suffered by the Company; the loss being the current market price of the bike. However, there is comprehensive insurance on the bike which you will be responsible for renewal after expiration. 13. If any dispute arises between the parties out of or in connection with the agreement whether in the nature of interpretation or meaning of any term hereof or as to any claim by one against the other, or otherwise the same shall be referred to arbitration of a common arbitrator if agreed upon. Otherwise to two arbitrators one to be appointed by each party hereto and the arbitration shall be governed by the Arbitration and Conciliation Act, 1988 section 47. 14. At the time of termination of agreement the Hirer must pay how much owed (outstanding remittance) a week after termination and also return bikes in their custody 24 hours after termination of contract. HIRE PURCHASE AGREEMENT THE SCHEDULE ABOVE REFERRED TO (Bike Plate Numbers: FKJ 389 QL & FKJ 392 QL) Signed and delivered for and on behalf of Waive Software Incorporated, by Mr. John Doe of the Company duly authorized and dated _________________________. Signed and delivered by the named Hirer, Mr. _____________________________________ and duly endorsed and dated ___________________________.