Agreement for Hire of Machinery (India)
This is a legal template for the hire of machinery between an owner and a hirer, commonly used when industrial equipment is rented for a specific term. It outlines responsibilities for monthly rent payments, maintenance, insurance, and the prevention of unauthorized relocation or sale of the equipment. The document also includes provisions for dispute resolution through arbitration and terms for termination by either party.
Agreement for Hire of Machinery
An Agreement made the .............. day of ..................., 2000,
between
a son of B
resident of ......................................
(hereinafter called the "Owner") of the ONE PART
And
C son of D resident of ........... (hereinafter called the "Hirer") of the OTHER PART.
Whereas the owner is the owner of the machinery and is not being used by him, as he has closed his factory due to his personal reasons;
and Whereas on the request of the hirer, the owner has agreed to hire give the said machinery on hire to the hirer on the terms and conditions machinery hereinafter appearing.
Now These Presents Witness as Follows:
1. The owner shall let and the hirer shall take on hire the machinery, specified in the Schedule hereunder written (hereinafter referred to as the said machinery) from ............... for a term of ............. years.
2. The hirer shall, during the continuance of this agreement, pay to the owner without previous demand by way of rent for the hire of the said machinery the monthly sum of Rs................ for the use and possession of the said machinery, the first payment to be made an the ............ day of ............ 19 ........ next and each subsequent payment on the ............... day of each succeeding month during the said term.
3. The hirer will not sell, assign, mortgage, pledge, underlet or otherwise deal with the said machinery but will keep the said machinery in his own possession and will not remove the said machinery from the premises where such machinery is for the time being installed without the previous consent in writing of the owner.
4. The hirer shall use the said machinery in a skilful and proper manner and shall at his own expenses keep the said machinery in good and substantial repair and condition (reasonable wear and tear excepted) and will allow the owner, his servants or agents at all reasonable times to have access to the said machinery and to inspect the state and condition thereof.
5. The hirer shall keep the said machinery insured in the sum of Rs ................ against fire and loss, damage or risk from whatever cause arising with some insurance company in the name of the owner and deliver the policy of such insurance to the owner and duly and punctually pay all premium necessary for effecting and keeping such insurance in force and produce the receipt for all such payments to the owner on demand and will keep the owner indemnified against all loss or damage to the said machinery from whatever cause the same may arise.
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