Bike Hire Purchase Agreement Template for Australia

The Bike Hire Purchase Agreement is essential for businesses offering financing options for bicycle purchases in Australia. This document is particularly relevant when customers wish to acquire a bicycle through installment payments while having immediate use of the bike. The agreement structure complies with Australian consumer credit legislation and state-specific hire purchase regulations, making it suitable for both commercial and consumer transactions. The document includes crucial elements such as payment schedules, maintenance requirements, insurance obligations, and ownership transfer conditions. It's designed to protect both the seller's security interest in the bike and the purchaser's rights under Australian consumer protection laws. The agreement is commonly used by bicycle retailers, finance companies, and cycling equipment suppliers who offer hire purchase arrangements as a financing option.

1. Parties: Identifies and provides full details of the finance company/seller and the hirer/purchaser

2. Background: Establishes context: seller owns the bike, purchaser wishes to acquire it through hire purchase, and basic transaction structure

3. Definitions: Defines key terms used throughout the agreement including 'Goods', 'Payment Terms', 'Purchase Price', 'Deposit'

4. Hire Purchase Terms: Details the core agreement: purchase price, deposit, installment amounts, payment schedule, and interest rate

5. Delivery and Acceptance: Specifies delivery arrangements and acceptance conditions of the bike

6. Title and Risk: Clarifies that title remains with seller until final payment, while risk passes to purchaser upon delivery

7. Payments and Fees: Detailed breakdown of payment obligations, including late payment fees and other charges

8. Insurance Requirements: Specifies mandatory insurance coverage for the bike during the hire purchase term

9. Maintenance and Use: Purchaser's obligations regarding bike maintenance and permitted use

10. Default and Termination: Consequences of default and conditions for agreement termination

11. General Provisions: Standard contract clauses including notices, governing law, and dispute resolution