A used vehicle agreement is an agreement which is made when a party wishes to use a used vehicle which is owned by another party. Such agreements consist of legally binding terms and conditions which must be abided by the involved parties on compulsory basis.
Sample used vehicle agreement
This agreement has been entered into by the parties on the effective date of 24th May 2011 and shall be effective for 12 months from date of effect.
This agreement has been made between Peter James who is herein referred to as the OWNER of the vehicle and Greg Black who is herein referred to as the NEW OWNER of the vehicle.
Address of OWNER: D-90, fifth floor, ITA tower, London
Contact number of OWNER: 4734574540965
Address of NEW OWNER: s-563,T square building, London
Contact number of NEW OWNER: 4739584095869
Details of vehicle:
This vehicle has been owned and used by OWNER for a period of 6 years and wishes to transfer it to the NEW OWNER for 12 months
Name of vehicle: Ford Fiesta
Model number of vehicle: 34/M
Total cost: $15000
TERMS AND CONDITIONS:
This agreement shall terminate on 24th may 2012
The NEW OWNER cannot lease or transfer the vehicle to any other party under any circumstances.
The entire payment must be made on date of transfer of used vehicle.
Any accident of vehicle which cannot be repaired shall lead the NEW OWNER to cover the charges.
The maintenance and servicing of vehicle is the responsibility of the NEW OWNER for period of agreement.