Standard Provisions
To be valid, HP agreements must be in writing and signed by both .They must clearly lay out the following information in a print that all can read without effort:
- a clear description of the goods
- the cash price for the goods
- the HP price, i.e., the total sum that must be paid to hire and then purchase the goods
- the deposit
- the monthly installments (most states require that the applicable interest rate is disclosed and regulate the rates and charges that can be applied in HP transactions) and
- a reasonably comprehensive statement of the parties' rights (sometimes including the right to cancel the agreement during a "cooling-off" period).
- The right of the hire to terminate the contract when he feels like doing so with a valid reason.
Read more about this topic: Hire Purchase
Famous quotes containing the words standard and/or provisions:
“We don’t want bores in the theatre. We don’t want standardised acting, standard actors with standard-shaped legs. Acting needs everybody, cripples, dwarfs and people with noses so long. Give us something that is different.”
—Dame Sybil Thorndike (1882–1976)
“Drinking tents were full, glasses began to clink in carriages, hampers to be unpacked, tempting provisions to be set forth, knives and forks to rattle, champagne corks to fly, eyes to brighten that were not dull before, and pickpockets to count their gains during the last heat. The attention so recently strained on one object of interest, was now divided among a hundred; and, look where you would, there was a motley assemblage of feasting, talking, begging, gambling and mummery.”
—Charles Dickens (1812–1870)