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Section 10 – The Hire-Purchase Act, 1972

The Hire-Purchase Act, 1972

 

10. Right to hirer to terminate agreement at any time.-

 

(1) The hirer may, at any time before the final payment under the hirer-purchase agreement falls due, and after giving the owner not less than fourteen days, notice in writing of his intentions so to do and re-delivering or tendering the goods to the owner, terminate the hire-purchase agreement by payment or tender to the owner of the amounts which have accrued due towards the hire-purchase price and not been paid by him, including the sum, if any, which he is liable to pay under sub-section (2).

Where the hirer terminates the agreement under sub-section (1), and the agreement provides for the payment of a sum named on account of such termination, the liability of the hirer to pay that sum shall be subject to the following conditions, namely:-

 

Where the sum total of the amounts paid and the amounts due in respect of the hire-purchase price immediately before the termination exceeds one-half of the hire-purchase price, the hirer shall be liable to pay the difference between the said sum total and the said one-half, or the sum named in the agreement whichever, is less.

 

Nothing in sub-section (2) shall relieve the hirer from any liability for any hire which might have accrued due before the termination.

Any provision in any agreement, whereby the right conferred on a hirer by this section to terminate the hire-purchase agreement by him under this section, shall be void.

 

Nothing in the section shall prejudice any right of a hirer to terminate a hire-purchase agreement otherwise than by virtue of this section.

 

comments

The hire-purchase agreement can be terminated by the hirer before the final payment falls due and after giving the owner 14 days notice in writing of his intention so to do and re-delivering or tendering the goods to the owner.

 

 

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The Hire-Purchase Act, 1972

 

 

Indian Laws – Bare Acts

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