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Credit Hire Agreement
"I need a Credit Hire Agreement for a construction company in Mumbai to hire three excavators with a 12-month credit facility starting March 2025, including maintenance provisions and option for early purchase."
1. Parties: Identification and details of the credit hire company and the hirer, including registered addresses and company/individual details
2. Background: Context of the agreement, including the purpose of hire and credit facility
3. Definitions: Clear definitions of key terms used throughout the agreement, including 'Hire Period', 'Credit Facility', 'Hire Charges', etc.
4. Hire Terms: Details of the item being hired, duration, and conditions of use
5. Credit Facility: Terms of the credit arrangement, including credit limit and payment structure
6. Payment Terms: Details of charges, payment schedule, interest rates, and payment methods
7. Delivery and Return: Conditions for delivery and return of hired item, including inspection procedures
8. Hirer's Obligations: Responsibilities of the hirer during the hire period, including maintenance and permitted use
9. Owner's Obligations: Responsibilities of the credit hire company, including maintenance and support services
10. Risk and Insurance: Allocation of risk and mandatory insurance requirements
11. Default and Termination: Circumstances constituting default and procedures for termination
12. Governing Law: Confirmation of Indian law as governing law and jurisdiction details
13. General Provisions: Standard boilerplate clauses including notices, assignment, and entire agreement
1. Multiple Item Provisions: Additional terms for agreements involving multiple hire items - used when more than one item is being hired
2. Insurance Package: Specific terms if insurance is provided as part of the agreement by the credit hire company
3. Maintenance Package: Details of maintenance services if included in the hire agreement
4. Additional Drivers: Terms for additional authorized drivers - relevant for vehicle hire agreements
5. International Usage: Terms for using hired items outside India - if permitted
6. Replacement Items: Terms for provision of replacement items in case of breakdown or maintenance
7. Early Termination Options: Terms for early termination or buyout options if offered
1. Schedule 1 - Hired Item Details: Detailed description of hired item(s) including identification numbers, specifications, and condition report
2. Schedule 2 - Pricing and Payment Schedule: Detailed breakdown of hire charges, credit terms, interest rates, and payment dates
3. Schedule 3 - Insurance Details: Specific insurance requirements or included insurance coverage details
4. Schedule 4 - Maintenance Schedule: Required maintenance intervals and procedures
5. Schedule 5 - Delivery and Collection Points: Specified locations for delivery and return of hired items
6. Appendix A - Condition Report Template: Standard form for recording item condition at delivery and return
7. Appendix B - Authorized Drivers Form: Form for registering additional authorized drivers for vehicle hire
8. Appendix C - Incident Report Form: Standard form for reporting accidents or damages
Authors
Applicable Law
Asset
Authorized Driver
Business Day
Commencement Date
Condition Report
Credit Facility
Credit Limit
Credit Period
Default Event
Default Interest Rate
Delivery Location
Deposit
Early Termination Fee
Excess
Force Majeure Event
Hire Charges
Hire Period
Insurance Policy
Interest Rate
Late Payment Fee
Maintenance Schedule
Normal Wear and Tear
Notice
Operating Instructions
Payment Date
Payment Schedule
Permitted Use
Related Parties
Replacement Asset
Return Location
Security Deposit
Service Level Requirements
Standard Interest Rate
Term
Territory
Total Amount Payable
Working Hours
Delivery and Acceptance
Hire Period
Credit Facility
Payment Terms
Interest
Fees and Charges
Security Deposit
Use of Asset
Maintenance and Repairs
Insurance
Risk and Liability
Indemnification
Warranties
Default
Termination
Force Majeure
Assignment
Notices
Confidentiality
Data Protection
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Waiver
Third Party Rights
Counterparts
Asset Return
Inspection Rights
Reporting Requirements
Compliance with Laws
Representations and Warranties
Events of Default
Remedies
Set-off Rights
Further Assurance
Automotive
Transportation
Construction
Agriculture
Manufacturing
Logistics
Event Management
Mining
Infrastructure
Corporate Services
Retail
Healthcare
Legal
Finance
Operations
Risk Management
Commercial
Compliance
Business Development
Contract Administration
Asset Management
Customer Relations
Insurance
Credit Control
Collections
Legal Counsel
Credit Controller
Fleet Manager
Operations Manager
Risk Manager
Commercial Director
Finance Manager
Compliance Officer
Business Development Manager
Contract Administrator
Asset Manager
Customer Relations Manager
Insurance Coordinator
Credit Analysis Officer
Collections Manager
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