THIS AGREEMENT is made and executed on this ___ day of _, 20, by and between:

1. [Name of Owner], son/daughter of ___, residing at ___ (hereinafter referred to as the “Owner,” which expression shall, unless repugnant to the context or meaning thereof, mean and include his/her heirs, executors, administrators, legal representatives, and assigns) of the FIRST PART;

AND

2. [Name of Hirer], son/daughter of ___, residing at ___ (hereinafter referred to as the “Hirer,” which expression shall, unless repugnant to the context or meaning thereof, mean and include his/her heirs, executors, administrators, legal representatives, and assigns) of the SECOND PART.

WHEREAS the Owner agrees to let, and the Hirer agrees to take on hire, the goods described in the Schedule annexed hereto under the terms and conditions set out below:

Terms and Conditions

1. Hire and Duration The Owner agrees to let and the Hirer agrees to hire the equipment described in the Schedule (hereinafter referred to as the “Goods”) for a term of ___ months from the date of this Agreement, at a hire charge of ₹___ (Rupees ___ only) per month, payable in installments as specified in Clause 2 below. This Agreement may be terminated as per the provisions herein.

2. Payment of Installments a. The Hirer has paid the Owner the sum of ₹___ (Rupees ___ only) as the first installment, the receipt of which is hereby acknowledged by the Owner. b. The remaining installments of ₹___ (Rupees ___ only) shall be paid by the Hirer on or before the ___ day of each subsequent month. The next payment shall be made on ___ [date].

3. Maintenance of Goods a. The Hirer shall keep the Goods in good condition, subject to normal wear and tear, and shall protect them from loss or damage due to theft, fire, or any other cause. b. In case of damage, the Hirer shall repair or replace the Goods at his/her own cost, ensuring the Goods are restored to their original condition. c. The Owner or his/her authorized representatives shall have the right to inspect the Goods at reasonable intervals.

4. Risk of Loss In case the Goods are lost, damaged beyond repair, or destroyed due to fire, theft, or any other reason, the Hirer shall remain liable to pay the remaining installments due under this Agreement.

5. Restrictions on Transfer and Use a. The Hirer shall not remove the Goods from their current location at ___ without the prior written consent of the Owner. b. The Hirer shall not sell, pledge, assign, or otherwise transfer the Goods or permit any encumbrance or legal charge on the Goods until full ownership is transferred to the Hirer.

6. Termination of Agreement by the Owner In case of default in payment or breach of any term of this Agreement by the Hirer, the Owner may terminate this Agreement and repossess the Goods without prejudice to any rights to recover unpaid dues or damages. For such repossession, the Owner or his/her authorized representatives may enter the premises of the Hirer without being liable for trespass or damages.

7. Termination by the Hirer The Hirer may terminate this Agreement by surrendering and returning the Goods to the Owner. However, the Hirer shall remain liable for any unpaid installments and other charges accrued up to the date of termination.

8. Option to Purchase The Hirer may become the absolute owner of the Goods during the hire period by paying all arrears of rent and the remaining installments, subject to a discount of ₹___ (Rupees ___ only) if applicable.

9. Insurance The Hirer shall insure the Goods against fire, theft, and other risks in the joint names of the Owner and the Hirer and shall punctually pay the insurance premiums. Proof of such insurance shall be provided to the Owner upon request.

10. Waiver Any indulgence or forbearance shown by the Owner shall not constitute a waiver of any rights under this Agreement.

Schedule of Goods

Description of Goods: ___
Make/Model: ___
Serial Number: ___
Value: ₹___

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

Signed by the Owner:
Name: ___
Signature: ___

Signed by the Hirer:
Name: ___
Signature: ___

Witnesses:

1. Name: ___
   Address: ___
   Signature: ___

2. Name: ___
   Address: ___
   Signature: ___