Adam Frankel
General Counsel · Technology & AI
15+ years as General Counsel to technology, cloud & AI companies
This is a preview. The full template is free on GitLaw.
About this template
What is this template?
This is a machinery hire agreement specifically tailored for the Indian legal context. It contains detailed insurance requirements in the owner's name and an arbitration clause citing the 1940 Act. It is not a hire-purchase agreement as it contains no provision for the hirer to eventually own the machinery.
When should you use it?
Use this when equipment is being rented for a fixed duration and must remain at a specific physical location. Use a Hire Purchase Agreement instead if the hirer intends to acquire ownership after all installments are paid.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Term of Hire | The Owner lets and the Hirer takes the machinery for a specific term of years defined in the schedule. |
| 2 | Rent and Payment | The Hirer must pay a monthly sum in Rs. on a specific day of each succeeding month without prior demand. |
| 3 | Possession and Movement | The Hirer is prohibited from selling, pledging, or removing the machinery from the installation premises without the Owner's written consent. |
| 4 | Maintenance and Inspection | The Hirer maintains the machinery in good repair at their own expense and allows the Owner access for inspection. |
| 5 | Insurance Obligations | The Hirer must insure the machinery for a specific Rs. amount in the Owner's name and produce receipts on demand. |
| 7 | Termination by Hirer | The Hirer may terminate the hiring by providing a specified number of months' notice without receiving credits for previous payments. |
| 8 | Default and Repossession | The Owner may terminate immediately and retake possession if the Hirer defaults on monthly payments or other conditions. |
| 12 | Arbitration | Disputes are referred to two nominated arbitrators and an umpire under the Indian Arbitration Act 1940. |
Who it's for
- a factory owner leasing out unused equipment after closing personal operations
- a business requiring industrial machinery for a fixed term against monthly rupee payments
- parties in India seeking a machinery lease governed by the Indian Arbitration Act
How long it runs and how it's signed
How long
Runs for a fixed period
Stated duration
[term length] years
Notice to end it
[number] months
Signed by
Owner, Hirer
Witness
Required
Notarisation
Not required
Also needed
stamp duty payable by Hirer
Law it's drafted under
Governed by
Indian Arbitration Act, 1940
Categories
Jurisdiction
India
Document info
GitLaw document. Document created on Fri Jun 26th, 2026. Last updated on Tue Jul 7th, 2026.
This document is public
Licensed under CC BY 4.0 (Attribution).
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