Prime Bank

Prime Bank Ltd

Phone: +880-2-9567265, 9570747-8 PABX
Fax: +880-2-9567230, 9560977, 9566215, 9560960

Hire Purchase under Shirkatul Melk

Important Features:

- The Bank (Hiree) and the client (Hirer) purchase the asset jointly with specified equity sharing the ownership under HPSM contract.
- Though ownership is joint, asset may be registered in the name of any one mentioning in the HPSM agreement.
- Rent can not be considered as price or part of price of the Asset.
- In the HPSM agreement Hiree does not sell or Hirer does not purchase the asset but they promise to sell and purchase the same part by part only.
- The hire contract becomes effective from the day on which the Hiree transfers the possession of the hired asset in good order and useable condition to the Hirer.
- As the portion of the Bank is sold and transferred part-by-part, the rent will be reduced proportionally.
- Under HPSM agreement bank will act as partner, Hiree and at last as a seller and client will act as partner, as a Hirer and lastly as purchaser. The sale and purchase will be effective by a separate sale contract.
- Ownership risk will be borne by both the parties proportionally. He (Hirer) will maintain the asset with due prudence and shall not be held responsible for the damage or destruction of the asset without transgression, default or negligence, otherwise he (Hirer) must be responsible for the same.
- The Hirer is responsible for keeping the asset in good condition as a trustee.
- The Hirer can not change or remove the property without obtaining prior written permission of the Hiree Bank.


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