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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
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