Remedies Of A Hirer In A Hire Purchase Agreement

22. The tenant also has the right to terminate this contract at any time by sending to the company no less than fourteen days in advance, but in this case, the tenant is required to pay the company the sums paid for the rental costs that have not been paid and the amount of the rental fees that, for the period from the date of termination to the fixed period of this Agreement, would be considered indemnified and for the damage suffered by the company, subject to the provisions of P. 10 (2) of the Hire Purchase Act. 6. If the tenant does not pay a monthly payment of the rental fee on the due date, the tenant is required to pay interest in the amount of …. to pay. Percent per year, from the date of delay to payment. However, this applies without prejudice to the right of the company to terminate the agreement for late payment of monthly payments, as indicated below. The removal of the goods that are the subject of the lease is an important remedy that is made by the owner in connection with the purchase transactions under the Hire-Purchase Act, Cap. H4, laws of the Federation of Nigeria 2004, is available. This article discusses the circumstances under which the product can be activated and the restrictions on the product. Proposals to improve the use of this means will also be proposed.

30. If, at the time of the establishment of this Agreement, the Lessee does not deliver to the Enterprise, by time or other means, the above-mentioned machinery and equipment without there being any dispute, the Enterprise shall have the right to bring legal proceedings or other proceedings to repossess them, and the Lessee shall bear all costs: Costs and expenses incurred by the company on this behalf, subject to a court order. 15. The ownership or ownership of the company on these machines and installations is not affected during the term of this contract and the tenant is considered the Bailee, with all the obligations and obligations of a baileee in law, until the tenant exercises his purchase option, which are provided below. (a) The lessee must have and appreciate, during the existence of this contract, the silent possession of the aforementioned machines and appliances. 24. When such machinery and installations are lost or completely destroyed or damaged as a result of fires, floods or earthquakes or for any other reason, the lessee must make good the damage suffered by the company, the loss corresponding to the market price of the machinery and equipment existing at the time or to the purchase price indicated in clause (3). according to the largest amount, provided that the amount of the insurance entitlement received is, where appropriate, adjusted in relation to that price. 31. In the event of a dispute between the parties or in connection with the agreement, whether it is the nature of the interpretation or meaning of a concept of this agreement or the claims of one against the other, or, in another way, the same is referred to arbitration proceedings of a common arbitrator, if so agreed. Otherwise, two arbitrators shall be appointed by one of the parties and the arbitration shall be subject to the 1940 Act. 21.

If the lessee is declared insolvent or if he admits that such machinery and installations are placed in execution of a decree or a court order or to collect contributions from the Government, or if a receiver is appointed by the court or a creditor, this agreement on the occurrence of such an event is terminated. . . .

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