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Parties In A Hire Purchase Agreement are commonly used in Singapore when businesses or individuals wish to acquire goods without immediate full payment. The agreement, regulated under Singapore's Hire-Purchase Act, enables the hirer to use the goods while paying in installments, with ownership transferring only upon full payment. This document type is particularly important in transactions involving vehicles, machinery, or expensive consumer goods. It must include specific statutory requirements, payment terms, maintenance obligations, insurance requirements, and termination provisions. The agreement provides security for the owner while offering the hirer flexible payment terms and immediate use of the goods.
