The Hire Purchase Agreement Termination is a critical document used in Malaysian finance and commerce when either party seeks to end a hire purchase arrangement. This document is essential when there has been a breach of the original agreement, default in payments, or mutual agreement to terminate. It must strictly comply with the Hire Purchase Act 1967 and related Malaysian regulations, which provide specific requirements for termination notices, including mandatory content and notice periods. The document is commonly used in vehicle financing, equipment leasing, and consumer goods financing, requiring careful attention to detail regarding outstanding payments, goods return procedures, and potential repossession rights. It serves as a formal record of the termination and outlines the rights and obligations of all parties involved in the termination process.
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1. Parties: Full identification of both the owner/financier and the hirer, including registration numbers for companies and identification numbers for individuals
2. Reference Details: Original hire purchase agreement details including date, reference number, and subject matter of the agreement
3. Notice of Termination: Clear statement of termination and the effective date
4. Grounds for Termination: Specific reasons for termination with reference to relevant clauses of the original agreement and/or the Hire Purchase Act 1967
5. Outstanding Obligations: Statement of any outstanding amounts, including principal, interest, and charges
6. Return of Goods: Instructions regarding the return or surrender of the hired goods
1. Repossession Details: Include when immediate repossession is required, specifying the process and timeline
2. Settlement Offer: Include when offering the hirer an opportunity to settle outstanding amounts to prevent repossession
3. Dispute Resolution: Include when there are disputed matters or specific procedures for resolving disagreements
4. Insurance Termination: Include when there are associated insurance policies that need to be terminated
5. Reservation of Rights: Include when the owner wishes to explicitly reserve legal rights for future action
1. Schedule A - Details of Hired Goods: Comprehensive description of the hired goods including identification numbers, registration details if applicable
2. Schedule B - Payment History: Summary of payments made under the agreement and payment history
3. Schedule C - Outstanding Amount Calculation: Detailed breakdown of outstanding amounts including principal, interest, late payment charges, and other fees
4. Appendix 1 - Copy of Original Agreement: Copy of the relevant hire purchase agreement being terminated
5. Appendix 2 - Statutory Declaration: If required, statutory declaration confirming the grounds for termination
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Automotive
Equipment Leasing
Consumer Finance
Retail
Manufacturing
Construction
Agriculture
Transportation
Relevant Teams
Legal
Finance
Credit
Collections
Risk Management
Compliance
Operations
Customer Service
Recovery
Account Management
Relevant Roles
Credit Manager
Legal Counsel
Finance Manager
Collections Officer
Risk Manager
Compliance Officer
Contract Administrator
Recovery Manager
Account Manager
Credit Controller
Legal Officer
Operations Manager
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