THIS AGREEMENT made at………….this………….day of…………..20………….between A B & Co. Ltd., a
company incorporated under the Companies Act, 1956, and having its registered office at…………..,
(hereinafter called “the Owner”) of the FIRST PART and M/s. ………………
XY & Sons, a partnership firm, carrying on the business of printing press and having its place of business
at………….(hereinafter called “the Hirer”) of the SECOND PART and Shri A son of B resident of…………..
(hereinafter called “the Surety”) of the THIRD PART.
WHEREAS
(1) The hirer has vide his letter dated…………. requested the owner to provide finance for the
purchase of printing press.
(2) The owner has by its reply dated………….agreed to provide finance for the purchase of printing press
on the terms and conditions laid down in the said letter and the documents to be executed for the said
purpose.
(3) The hirer has placed an order with M/s………….for the purchase of printing press.
(4) The owner has provided the finance by making payment of an amount of Rs………….vide cheque
No…………. dated………….drawn on………….to the supplier………….
NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:
(1) The owner, being the owner of the printing press with fittings, tools, and accessories, more particularly
described in the Schedule hereto shall let and the hirer shall take on hire from the ………….day
of………….
(2) On execution of these presents, the hirer shall pay a sum of Rs ………….to the owner as initial
payment by way of hire and shall during the continuance of this agreement pay to the owner at his
address for the time and without previous demand by way of rent for the Instalments hire of the said
printing press the monthly sum of Rs ………….the first payment to be made on the…………. day
of………….next and each subsequent payment on the………….day of each succeeding month during
the said term.
(3) During the continuance of the agreement, the hirer shall
(a) not sell or offer for sale, assign, mortgage, pledge, underlet, let or otherwise deal with the said printing
press or any part or parts thereof or with any interest therein;
(b) keep the said printing press in his own possession and will not remove the same or any part or parts
thereof from the place where such printing press is for the time being situate without the previous
consent in writing of the owner;
(c) not allow any lien to be created upon the said printing press whether for repairs or otherwise and will
duly and punctually pay all rents, taxes, rates, charges and levies payable in respect of the
premises wherein the said printing press shall for the time being be situate and produce all receipts for
such payment to the owner on demand and will protect the said printing press against distress,
execution or seizure;
(d) use the printing press in a skilful and proper manner and shall at his own expense keep the said
printing press in good and substantial repair and condition (reasonable wear and tear excepted);
(e) keep insured the printing press during the period of hiring against any loss or damage by hire or
otherwise in the sum of Rs………….with an insurance company in the name of the owner and deliver the
policy of such insurance to the owner and duly and punctually pay all premiums necessary for keeping
the said insurance effective throughout the period of this agreement:
Provided that in case the hirer shall at any time fail to effect or keep effect the said policy by making
default in any payment of premium, the owner shall be entitled to effect such insurance and pay the

premium to the said insurance company and the hirer shall forthwith pay to the owner all the premiums
and other sums paid by the owner;
(f) not do or omit to do any act which may result in seizure and/or confiscation of the printing press by the
Central or State Government or local authority or any public officer or authority under any law for the time
being in force.
(4) If the said printing press shall be destroyed or damaged by fire or otherwise, all moneys received or
receivable in respect of such insurance as aforesaid shall forthwith be received by the owner who shall
as the case may require, apply such money either in making good the damage done or in replacing the
said printing press by other articles of similar description and value and such substituted articles shall
become subject to the provisions of this agreement in the same manner as the articles for which they
shall have been substituted.
(5) The hirer may determine the hiring at any time by giving ………….days notice in writing to the owner at
his address for the time being and by returning the said printing press at the hirer’s own risk and expense
and shall thereupon forthwith pay to the owner all hire charges upto the date of such determination and
other sums due under the agreement and 25% of the balance of the total hire charges still to fall due as
settled compensation.
(6) If the hirer shall make default in punctual payment of the monthly sum so to be paid by him for the
hire of the said printing press if a receiving order in bankruptcy is made against him or if he compounds
with his creditors or do or suffer any act or thing whereby or in consequence of which the said printing
press may be distrained or taken in execution under legal process or by any public authority or fails to
pay to the Government or any public authority any taxes or surcharges due in respect of the said printing
press or fails to observe and perform the terms and conditions of this agreement on his part to be
observed and performed or if the hirer shall do or cause to be done or
permit or suffer any act or thing whereby the owner’s rights in the said printing press may be prejudiced
or put in jeopardy, the owner may without notice determine the hiring and it shall thereupon be lawful for
the owner to take possession of the said printing press and for that purpose to enter into or upon any
premises where the same may be kept and the determination of the hiring under this clause shall not
affect the right of the owner to recover from the hirer any money due to the owner under this agreement
or damages for breach thereof. The hirer shall also be liable to pay to the owner all expenses incurred by
the owner in repossessing or attempting repossession of the said printing press.
(7) If the agreement is determined before the property in the said printing press passes to the hirer, the
hirer shall forthwith return to the owner, policies and other documents relating to the said printing press
(8) The hirer acknowledges and agrees with the owner that he has inspected the printing press and he is
satisfied that the printing press is suitable for his purpose and the owner shall not be liable to the hirer for
any liability, claim, loss, damage or expenses caused directly or indirectly by the said printing press or
any inadequacy thereof for any purpose or any defect therein or by the use thereof or in relation to any
repairs, servicing, maintenance of the said printing press.
(9) The hirer shall be liable to bear and incur the installation cost, cost of detachment of the printing
press taken on hire and to pay any tax, levy, rates or assessments levied at any time by the Central
Government, State Government or any local authority on the total of or any instalments payable under
this agreement.
(10) If the hirer shall duly perform and observe all the terms and conditions in this agreement and the
covenants on his part to be performed and observed and shall punctually pay to the owner the sums
specified in clause 2 hereof amounting (together with the said sum of Rs…………. so paid on the
execution of this agreement as aforesaid) to the sum of Rs………….then the hiring shall come
to an end and the said printing press shall become the property of hirer and the owner will
assign and make over all his rights, title and interest in the same to the hirer but until such payments
have been made, the printing press shall remain the property of the owner.
(11) No neglect, delay, indulgence, forbearance or waiver on the part of the owner in enforcing any terms
or conditions of this agreement shall prejudice the rights of the owner hereunder.
(12) In consideration of the owner letting the said printing press to the hirer at the rent and under the
agreements and conditions hereinbefore expressed, the surety hereby guarantees the due payment of
the said rents and all other sums of money which may become payable under this agreement and the
performance and observance of the said agreements and conditions by the hirer and this guarantee shall

not be prejudiced by the owner neglecting or forbearing to enforce this agreement against the hirer or
giving time for the payment of the said rents when due or delaying to take any steps to enforce the
performance or observance of the said agreements or
conditions or granting any indulgence to the hirer.
(13) The parties to this agreement hereby declare that they have fully understood the meaning of all the
clauses, terms and conditions of this agreement and they have accepted and executed this agreement
with full knowledge and understanding of the obligations herein.
IN WITNESS WHEREOF, the parties have executed this agreement on the day and the year first
hereinabove written.

The Schedule above referred to
(Particulars of the printing press)

WITNESSES The common seal of A B & Co. Ltd., the within named owner has been

hereunto affixed pursuant to the

1. Resolution of its Board of Directors on…………. in the presence of
Shri………….Director and Mr………….Secretary of the company, who
have signed these presents

2. Signed and delivered by Mls. X Y & Sons, the within named hirer by its partners
Signed and delivered by A, the within named surety