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Hire Purchase

Hire Purchase

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Published by ashu khetan
Easy to knw Hire purchase system
Easy to knw Hire purchase system

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Published by: ashu khetan on May 30, 2010
Copyright:Attribution Non-commercial

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02/25/2013

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By Rahul Jain
 
Hire Purchase is a method of acquiringassets without having to invest the fullamount in buying them.Typically, a hire purchase agreementallows the hire purchaser sole use of anasset for a period after which they havethe right to buy them, often for a small ornominal amount. The benefit of thissystem is that companies gain immediateuse of the asset without having to pay alarge amount for it or without having toborrow a large amount.
 
 The owner of the asset gives thepossession of the asset to the Hirer withan understanding that the Hirer will payagreed installments over a specifiedperiod of time.
 The ownership of the asset will transfer tothe hirer on the payment of allinstallments.
 The Hirer will have the option of terminating the agreement any timebefore the transfer of ownership of assets. ( Cancellable Lease)

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