Vehicle Sale Agreement - Template, Sample Form Online Pro · IN-law

VEHICLE SALE AGREEMENT

This Vehicle Sale Agreement (the “Agreement”) is made and executed on this ________ at ________, ________.

BY AND BETWEEN

________, aged ________ years, son/daughter/wife of ________, holding PAN: ________ and Aadhaar No.: ________, residing at ________ (hereinafter referred to as the “Seller”, which expression shall, unless repugnant to the meaning or context thereof, mean and include his/her heirs, legal representatives, executors, administrators, successors and permitted assigns) of the ONE PART;

AND

________, aged ________ years, son/daughter/wife of ________, holding PAN: ________ and Aadhaar No.: ________, residing at ________ (hereinafter referred to as the “Buyer”, which expression shall, unless repugnant to the meaning or context thereof, mean and include his/her heirs, legal representatives, executors, administrators, successors and permitted assigns) of the OTHER PART.

The Seller and the Buyer are hereinafter individually referred to as a “Party” and collectively as the “Parties”.

WHEREAS the Seller is the sole, absolute and lawful owner of the motor vehicle more particularly described in Clause 1 below (the “Vehicle”), duly registered under the Motor Vehicles Act, 1988 and the Central Motor Vehicles Rules, 1989, and is desirous of selling the Vehicle on an “as-is-where-is” basis upon the terms and conditions set forth herein;

AND WHEREAS the Buyer, having inspected the Vehicle to his/her full satisfaction, is desirous of purchasing the Vehicle from the Seller upon the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the mutual covenants, promises and obligations herein contained and the consideration set out herein, and intending to be legally bound, the Parties hereby agree as follows pursuant to the Indian Contract Act, 1872 and the Sale of Goods Act, 1930:

1. PARTICULARS OF THE VEHICLE

1.1. Vehicle Type: ________

1.2. Make/Manufacturer: ________

1.3. Model/Variant: ________

1.4. Colour: ________

1.5. Odometer Reading: ________ (________) Kilometres

1.6. Fuel Type: ________

1.7. Year of Manufacture: ________

1.8. Registration Number: ________

1.9. Registration Date (Month & Year): ________

1.10. Engine Number: ________

1.11. Chassis Number: ________

1.12. Registering Authority/RTO: ________

1.13. Road Tax Validity: ________

1.14. Registration Validity: ________

1.15. Insurance Policy No. & Validity: ________

2. SALE AND CONSIDERATION

2.1. The Seller hereby agrees to sell, transfer and assign unto the Buyer all his/her right, title and interest in the Vehicle, free from all liens, charges and encumbrances, and the Buyer agrees to purchase the same.

2.2. The total purchase price payable by the Buyer to the Seller for the Vehicle, inclusive of all applicable taxes and costs, is Rs. ________/- (Rupees ________ only) (the “Purchase Price”), payable as follows:

2.2.1. Advance/Down Payment: Rs. ________/- (Rupees ________ only), due to the Seller on or before the execution of this Agreement, payable through: ________.

2.2.2. Balance Payment due on delivery of the Vehicle to the Buyer: Rs. ________/- (Rupees ________ only), payable through: ________.

2.3. The Seller shall issue a duly signed receipt to the Buyer upon the receipt of each instalment of the Purchase Price.

3. STAMP DUTY AND TRANSFER COSTS

Unless otherwise agreed in writing, the Buyer shall be responsible for all stamp duty payable on this Agreement under the Indian Stamp Act, 1899 (or the relevant State Stamp Act), and for all RTO transfer fees and charges incidental to the sale and transfer of ownership of the Vehicle.

4. DELIVERY AND PASSING OF RISK

4.1. The Seller shall deliver the Vehicle to the Buyer on or before ________ (the “Delivery Date”).

4.2. The Vehicle shall be delivered at ________.

4.3. In the event of any delay in delivery attributable solely to the Seller, the Seller shall be liable to pay the Buyer a penalty of Rs. ________/- per day of delay.

4.4. The Seller shall ensure that the Vehicle is delivered in the same condition as last inspected by the Buyer (or, where no inspection was conducted, as on the date of execution of this Agreement), subject only to ordinary wear and tear.

4.5. The Buyer shall take possession of the Vehicle at the place and on the date specified above. Save as otherwise provided herein, the property in and risk of loss to the Vehicle shall pass to the Buyer upon delivery and payment of the balance of the Purchase Price. Should the Buyer fail to take delivery on the Delivery Date, the risk of loss shall pass to the Buyer from the Delivery Date.

5. REPRESENTATIONS AND WARRANTIES BY THE SELLER

5.1. The Seller warrants that all particulars provided in this Agreement are true, accurate and complete.

5.2. The Seller is the sole legal and beneficial owner of the Vehicle and has full right, power and authority to sell and transfer the Vehicle, and there exists no legal impediment or restriction to such sale.

5.3. The Seller is duly competent and authorised to enter into and execute this Agreement.

5.4. The Seller states that the odometer of the Vehicle presently reads ________ (________) Kilometres, and to the best of the Seller’s knowledge it reflects the actual mileage of the Vehicle and has not been altered, disconnected, set back, reset or otherwise tampered with by the Seller or any other party.

5.5. The Seller warrants that the Vehicle’s service history has been disclosed to the Buyer and that all accidents, if any, have been made fully known to the Buyer.

5.6. The Vehicle is free from all encumbrances, liens, charges and third-party claims, and at the time of delivery the Seller shall hand over all documents required for the legitimate transfer of the Vehicle, including the original Registration Certificate, valid insurance, PUC certificate, road tax receipts, duly signed Forms 29 and 30 prescribed under the Central Motor Vehicles Rules, 1989, and all other documents necessary for transfer of ownership.

5.7. The Seller warrants that there are no pending challans, traffic violations, court proceedings or unpaid taxes against the Vehicle, and any such liability arising up to the Delivery Date shall be borne solely by the Seller.

5.8. The Seller warrants that there is no outstanding finance, hypothecation, residual liability or debt of any kind attached to the Vehicle. Where any finance was availed against the Vehicle, the Seller shall procure and deliver a No Objection Certificate (NOC) and Form 35 from the financier prior to or at the time of delivery.

5.9. The Seller has disclosed to the Buyer all current faults of which the Seller is reasonably aware, and there are no deliberately concealed defects in the Vehicle.

5.10. The Seller shall hand over all original and spare/duplicate keys of the Vehicle at the time of delivery.

5.11. The Seller shall furnish the Buyer with all documentation relating to ownership and transfer of the Vehicle upon receipt of the full Purchase Price.

5.12. The Seller shall extend all reasonable cooperation and support, including signing all requisite forms before the concerned RTO, to effect transfer of the Vehicle into the name of the Buyer.

5.13. Save for the warranties expressly set out herein, the Seller shall not be liable for any subsequent faults, ordinary wear and tear, or defects arising after the Delivery Date, unless such defects were deliberately concealed by the Seller.

5.14. The Vehicle is sold on an “as-is-where-is” basis and the Seller offers no guarantee or warranty in respect of the Vehicle save as expressly set out in this Agreement.

6. OBLIGATIONS OF THE BUYER

6.1. The Buyer shall pay the Purchase Price to the Seller in the manner set out in Clause 2 above.

6.2. The Buyer warrants that all particulars provided by him/her in this Agreement are true and accurate.

6.3. The Buyer confirms that he/she is fully aware of the history and current condition of the Vehicle, including any disclosed faults.

6.4. The Buyer has inspected the Vehicle to his/her satisfaction and accepts the Vehicle in its present condition.

6.5. The Buyer shall, immediately upon delivery, initiate the process of transferring the Registration Certificate into his/her name before the concerned RTO. Upon submission of the transfer application, the Buyer shall forward a copy of the acknowledgement to the Seller, and upon receipt of the amended Registration Certificate shall forward a copy of the same to the Seller.

6.6. The Buyer shall bear all challans, taxes, liabilities and obligations in respect of the Vehicle arising from and after the Delivery Date.

7. INDEMNITY

Each Party shall indemnify and keep indemnified the other Party against all losses, claims, damages, costs and expenses arising out of any breach of its respective representations, warranties or obligations under this Agreement. Without limitation, the Seller shall indemnify the Buyer against all liabilities, challans, dues and claims pertaining to the Vehicle for the period up to the Delivery Date, and the Buyer shall indemnify the Seller against all such liabilities arising thereafter.

8. HEADINGS

The headings in this Agreement are inserted for convenience of reference only and shall not define, limit or affect the construction or interpretation of any of its provisions.

9. TERMINATION

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10. ASSIGNMENT

Neither Party shall assign, transfer or otherwise deal with any of its rights or obligations under this Agreement, whether in whole or in part, without the prior written consent of the other Party. Any purported assignment in contravention of this clause shall be void and of no effect.

11. SEVERABILITY AND MODIFICATION

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12. NOTICES

All notices, requests, demands and communications under this Agreement shall be in writing and addressed to the respective Party at the address set out herein and shall be deemed duly given if: (a) delivered by hand against acknowledgement; (b) sent by registered post or speed post with acknowledgement due; or (c) sent by email to the email address notified by the Party, namely the Seller at ________ and the Buyer at ________.

13. FORCE MAJEURE

Neither Party shall be liable to the other for any delay or non-performance of its obligations hereunder to the extent that such delay or non-performance is due to an event of Force Majeure.

“Force Majeure” shall mean events beyond the reasonable control of the affected Party occurring after the date of this Agreement and not foreseeable at the time of execution, the effects of which cannot be overcome without unreasonable expense or loss of time, including but not limited to acts of God, war, riot, civil commotion, natural disasters, epidemics, pandemics, governmental orders and any other comparable events not directly or indirectly caused by the affected Party.

If the delay or non-performance of either Party continues for a period exceeding one (1) month by reason of Force Majeure, either Party shall have the right to terminate this Agreement with immediate effect by written notice, without liability save for obligations accrued prior to such termination.

14. GOVERNING LAW AND DISPUTE RESOLUTION

14.1. This Agreement shall be governed by and construed in accordance with the laws of India.

14.2. Any dispute, difference or claim arising out of or in connection with this Agreement shall first be sought to be amicably settled between the Parties. Failing amicable settlement within thirty (30) days, the dispute shall be referred to and finally resolved by arbitration by a sole arbitrator to be mutually appointed by the Parties, in accordance with the Arbitration and Conciliation Act, 1996. The seat and venue of arbitration shall be ________ and the proceedings shall be conducted in the English language.

14.3. Subject to the arbitration provisions above, the courts at ________, ________ shall have exclusive jurisdiction over all matters arising under this Agreement.

15. LEGAL FEES AND COSTS

In the event of any legal action or proceeding to enforce any one or more provisions of this Agreement, the prevailing Party shall be entitled to recover from the other Party all reasonable enforcement costs, including without limitation reasonable legal fees and costs, whether incurred before, during or after trial, arbitration or any appeal.

16. SURVIVAL OF OBLIGATIONS

Notwithstanding any other provision of this Agreement, upon termination, expiration or completion of this Agreement, those provisions which by their nature are intended to survive, including but not limited to the provisions relating to indemnity, dispute resolution, governing law and confidentiality, shall remain in full force and effect.

17. COUNTERPARTS

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

18. ENTIRE AGREEMENT

The Parties represent and agree that they have read and understood the terms of this Agreement and have executed the same voluntarily, without any duress, coercion or undue influence. This Agreement constitutes the entire understanding between the Parties and supersedes all prior agreements, negotiations and understandings, whether oral or written, relating to the subject matter hereof.

IN WITNESS WHEREOF, the Parties hereto have set and subscribed their respective hands to this Agreement on the day, month and year first hereinabove written, in the presence of the witnesses named below.

SELLER

________ (“Seller”)

Date: _________________________________

Place: ________________________________

______________________________________

Signature

BUYER

________ (“Buyer”)

Date: _________________________________

Place: ________________________________

______________________________________

Signature

WITNESS-1

Name: ________

Address: ________

___________________________________

Signature

WITNESS-2

Name: ________

Address: ________

___________________________________

Signature