Hire Purchase System definition
Hire Purchase System means the system in which a participant take steps to secure rights in a property under any scheme referred to in Regulation 2 by payment of hire purchase deposit and also a specified number of equated instalments or the, entire amount due to be paid, as the case may be during which he remains to be a tenant on terms and conditions subject to which a house is allotted under these regulations.
Hire Purchase System. The buyer can not sell, destroy or transfer the goods. Installment System: The buyer can sell, destroy or mortgage or transfer as his/her wish.
Hire Purchase System. The buyer can return the goods before making the final installment. Goods can be returned to the seller before the final installment. Installment System: The buyer can not return the goods to the seller.
Examples of Hire Purchase System in a sentence
Hire Purchase System: Ownership of goods is transferred after the payment of the final installment.
Hire Purchase System: The liability of repair and maintenance lies with the seller-provided that the buyer takes the utmost good care.
More Definitions of Hire Purchase System
Hire Purchase System. All the risks are borne by the vendor before the payment of the final installment. Installment System: All the risks are to be borne by the buyer from the date of the agreement.
Hire Purchase System means a system in which a Hirer takes steps to secure rights in a property under a Scheme by payment of hire purchase deposit and also a specified number of monthly installments spread over a period of specified number of year during which he remains a tenant on terms period, ceases to be a tenant and becomes a holder after payment of all dues;