hire

Definitions

General English

Accounting

  • noun an arrangement whereby customers pay money to be able to use a car, boat or piece of equipment owned by someone else for a time

Banking

Economics

  • noun the act of paying money to use a piece of equipment or a mode of transport such as a car or boat for a period of time. Such an agreement involves two parties: the hirer and the owner. The equipment remains the property of the owner while the hirer is using it. Under a hire purchase agreement, the equipment remains the property of the owner until the hirer has complied with the terms of the agreement (i.e. until he or she has paid all monies due).
  • verb to pay the owner for the use of something for a period or time

Origin & History of “hire”

Hire probably originated in north Germany, in the area where the set of dialects known as Low German was spoken. It comes from a prehistoric *khūr-, which also produced Dutch huren (Swedish hyra and Danish hyre were borrowed from Low German).
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