Hire Purchase Agreement For Vehicle In Nigeria

As a general rule, the lease is necessary to indicate the circumstances under which the owner may terminate the contract. If the landlord terminates the lease-sale other than in accordance with the contract, he or she could be held responsible for the tenant`s breach of the lease-sale. Bus service is a thriving transportation activity in Nigeria. Commercial drivers acquire buses from their owners after paying a down payment, and make the rest of the payment in installments, as they work. 5. The tenant may terminate the tenancy at any time by returning the vehicle in question to his place of residence at his own expense and peril. 13. The parties acknowledge that this agreement has been explained to them in its entirety and that they have understood the importance of all the clauses of this agreement and that they have signed this agreement with full understanding of the commitments made to it. However, the law gives the owner the opportunity to protect the rental property in case of damage or depreciation if necessary. The law provides that where three or more payments of the rental price of a motor vehicle are due and not paid under the agreement, the owner may remove the vehicle from all premises under his control in order to protect it from damage or depreciation and to keep it until the decision of a lawsuit, but the owner is liable to the tenant for damages or losses that may be caused by the removal. 11. The agreement determines whether the tenant files a bankruptcy or agreement with its creditors or, upon filing an application in court, for the tenant`s assessment as a judicial administrator or when appointing a beneficiary of the tenant`s real estate, or whether an application for seizure of the vehicle is filed by a creditor or another person against the tenant.

In countries like India called increments plan, renting is simply a process where you buy a car with the ability to pay in installments over a certain period of time. 6. If the tenant is late, the monthly amount that must be paid by indicating it is the ……… days after they have expired or do not meet or do not meet any of the conditions of this agreement; The landlord may, without prejudice to his right to a late rental or compensation (if any) for violation of this Agreement, terminate the tenancy without notice and resume physical possession of the vehicle himself or through his agents or agents, and the tenant does not object to the owner or his agents or agents taking possession of the vehicle and/or deciding in writing to the tenant of the agreement and classification. In the event of termination of this type, the tenant must immediately return the vehicle in question to his place of residence and the tenant pays the owner a sum of Rs…………… each month until the vehicle is returned to the owner.