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agreement for selling machinery on installments


Dear Sir,

We are manufacterer of hydraulic machinery.

We have customer who wants to purchase a machinery from us.

He cannot pay the whole amount, but is ready to make an advance payment and balance on monthly installments for 2 years.

We want to know what sort of agreement is ideal for such sale proceedings?

If possibe, kindly provide format for the same.


Regards,

Anant Karnani

 
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Consultant & Legal Analyst

Agreement on Hire-purchase basis will suit you the best.

 
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Dear Mr. Dhingra,

Thanks for your reply.

There are two important aspects which we would like to be covered:

1. He should not be able to give back the machinery in any case.

2. He should not be able to sell the machinery without paying the installments

Are these two factors legally covered under the hire & purchase agreement?

Regards,

Anant

 
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