HIRE PURCHASE INSTALLMENT PLAN

TERMS & CONDITIONS

• Hire Purchase installment facility is available to all Permanent employees who have completed one year of service. Subject to the acceptance of the application by the Company.
• At the time of making an application, the net accumulated balance of Provident Fund & Gratuity Account should not be less than the HP payable amount.
• For employees who have already obtained various loans, their application will only be entertained, provided their Net Take Home Salary shall not be less than 50% of the Net Income after deducting the new installment.
• All monthly installment(s) shall be deducted from the salary for onward payment.
• If an employee leaves the service before making the full payment, the Company will adjust the balance of payment at the time of making Full & Final Settlement.
• The Company or the supplier may, without any obligation decline to provide the HP facility to any employee for any reason whatsoever.
• Price of the Product & monthly installment (inclusive of surcharge etc.) will be provided at the time of making an application. Once the Hp Document is signed & accepted, payment will commence from the following month. No further application of reducing or increasing the installment will be entertained.
• The HP agreement shall be made between the employee & the supplier. Company will not be responsible or liable for any defect or warranty of the product, rate of installment or any other matter relating to the agreement or terms of payment whatsoever.
• Home Delivery & Installation service is available for which a separate charge will be made by the supplier. (To be paid directly by the Employee).

Payment Schedule (Example)
Cost	10,000.00	10,000.00	10,000.00
No of Installment	6	12	18
Rate of Profit	6%	12%	15%
Installment Amount	1766.66	916.67	638.88
Total Amount	10600	11,200.00	11,500.00
Total Profit	600	1,200.00	1,500.00

We refer to our discussion pertaining to the above subject & Pakistan Refrigeration (the “Supplier”)’s willingness & agreement to Provide the benefits of Hire Purchase Facility for the Purchase of Goods to the Employees of on the following terms:-

• Supplier shall provide the Facility to Employees subject to the terms & condition as set forth in the Hire Purchase Application Form (copy attached for reference).
• The Company will verify the truth, accuracy & correctness of all the information provided by the Employees in the Application Forms.
• Supplier shall arrange Home delivery (if requested by the Employee) of Goods along with the Warranty Card & other relevant Literature / Brochure within Three Days of receipt of the Order (Copy of the Application Form) & charge the Employee directly at the time of delivery of sum not exceeding Rs. 2000/= for home delivery & for Installation as per the list provided by the Supplier.
• On the other hand Employee if wishes, may collect the above from the Supplier’s Premises / Warehouse.
• Supplier will send to the Company copy of the Goods ties Report/Receipt within Three days of delivery/installation.
• The Company will deduct from the Employee’s Salary & pay Supplier collectively the sum set forth in the Application form(s), not later than 10^th day of each calendar month.
• Available on Hire Purchase including Literature, Brochures & installation.
• Charges (if any). Price must be kept in line with the market price of similar brand. Any change in the price must be notified to the Company in writing, which will be applied (if agreed) on future transaction. Similarly, any addition or deletion of a product(s) from the list must also be notified.
• Supplier must check each Product before delivery. In case if the Product being Sound faulty or damage during Transit or Installation or gets faulty after being used, Supplier will ensure its rectification or replacement as per the Warranty of the Product.
• ‘The Company will notify Supplier of any change in the circumstances or status of employment of the employees. The Company will make the payment as per Section 5 of HP Application Form.