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 hire-purchase contract for a pump set where the hirer pays for use over a fixed term with an option to buy. It is not a simple rental agreement because it contains specific provisions for the transfer of absolute ownership and liability for remaining instalments after loss.
When should you use it?
Use this document when a party wants to acquire a pump set through instalments rather than an upfront payment. If the intent is just to rent equipment for a period without any possibility of ownership transfer, use an Equipment Lease Agreement instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Hiring Terms | The Owner lets a pump set to the Hirer for a specific term of months at a defined monthly rent. |
| 2 | Payment of Rent | The Hirer pays an initial sum for the first month's rent and continues monthly instalments on a set day. |
| 3 | Maintenance and Inspection | The Hirer must maintain the pump set in good condition and allow the Owner to inspect it whenever demanded. |
| 4 | Liability for Loss | The Hirer remains liable for all remaining instalments even if the goods are destroyed by fire, theft, or other causes. |
| 5 | Prohibition of Transfer | The Hirer cannot sell, pledge, or move the pump set from their address without the Owner's prior written consent. |
| 6 | Owner's Right to Repossess | The Owner may terminate hiring and enter the Hirer's premises to seize the pump set if the Hirer neglects any terms. |
| 8 | Early Purchase Option | The Hirer becomes the absolute owner by paying all arrears and future rents due under the agreement. |
| 9 | Insurance Obligations | The Hirer must insure the pump set against fire and theft in the Owner's name or joint names. |
Who it's for
- an equipment owner leasing a pump set to a hirer with a path to full ownership
- a hirer paying monthly instalments for machinery with the intent to purchase it eventually
- an individual or entity providing specialized agricultural or industrial equipment on credit
How long it runs and how it's signed
How long
Runs for a fixed period
Stated duration
______ months
Signed by
Owner, Hirer
Witness
Required
Notarisation
Not required
Also needed
Schedule of goods must be annexed
Jurisdiction
India
Document info
GitLaw document. Document created on Fri Jun 26th, 2026. Last updated on Wed Jul 15th, 2026.
This document is public
Licensed under CC BY 4.0 (Attribution).
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