What is a Vehicle Agreement?
This is simply an agreement that concerns a vehicle dealership. This runs between buyer and seller agreed for a certain purpose, either for rental, lease, or sales of vehicles. This comprises terms and conditions made to respond to the concerns of both parties. This can be void depending on the situation.
Vehicle Agreements are essential for the two. It is important for the seller because this agreement gives the seller the assurance of payment from the buyer or the lessee of a particular vehicle. Apart from that, this agreement will also serve as the payment plan that will guide the buyer to when he/she is obliged to pay and to what extent he/she is required.
Vehicle agreement is a contract that when any party fails to perform their responsibility, has to face consequences. This can be a vehicle sale agreement, vehicle lease agreement, and vehicle rental agreement depending on the nature of the business.
How to Write a Vehicle Agreement?
Whether it be rental, purchase, or sale, this agreement has to include the important details needed to legalize and enforce it. Make sure that all the information are accurate. The terms and conditions must be specifically determined. To help you out, read on the tips that you have to remember so that you'll come up with a concrete vehicle agreement.
1. State the Date and the Parties Involved
First, you have to identify the date that the agreement is to be effective, highlighting the seller and the buyer involved in it. Thus, the involved persons are collectively named as Parties. These parties entail rights and responsibilities.
2. Determine its Desires
This agreement must contain the desires of the involved persons. A seller must be described accordingly, so as the buyer under the terms and conditions inputted. The desire of the seller to selling vehicles must be clearly stated, so as the buyer to purchase the vehicle he/she wanted, a lessee who rents a car or any vehicle for a period of time, such as monthly payment.
3. Present the Terms and Conditions
The terms and conditions must be mutually agreed by the parties. This comprises the description of the Acquired Vehicle. Later added are the considerations, presented herein are the total purchase payment and the mode of paying it.
Apart from that, this includes Conveyance of Title, Representations, Warranties, and Disclosure, Buyer's Responsibility, Indemnification of Attorneys Fees and others, Integration, Severability, Modification, Acknowledgements, Exclusive Jurisdiction for Suit in Case of Breach, and Interpretation under the state law.
4. Affix Signature
This part concludes that the seller and buyer have agreed to the details presented in the basic agreement. That anyone who violates one has to face the consequences and the penalties herein. Together with the signatures is the date of validity. Signed agreements will make it enforceable under the state law.
5. Ensure a Copy
You have to get a copy of your own vehicle agreement for future uses. In this case, if any dispute comes along the process, you have a paper used for verification.