The Contract For Selling A Vehicle On Payments is a crucial legal document used in India when selling vehicles through installment payments rather than a single lump-sum transaction. This document type is essential for both private and commercial vehicle sales where the buyer agrees to pay the purchase price over time while the seller retains certain rights until full payment is received. It incorporates provisions from Indian contract law, motor vehicle regulations, and consumer protection statutes, making it suitable for various vehicle types from personal cars to commercial vehicles. The agreement protects both parties' interests by clearly defining payment terms, vehicle usage conditions, ownership transfer procedures, and default remedies, while ensuring compliance with local registration and transfer requirements.
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1. Parties: Identification of the seller and buyer with complete contact details and proof of identity
2. Background: Brief context of the sale transaction and the parties' intention to enter into a payment-based vehicle purchase arrangement
3. Definitions: Key terms used in the agreement including 'Vehicle', 'Purchase Price', 'Installment', 'Payment Period', etc.
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and current condition
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and payment methods
6. Transfer of Title: Conditions and process for the transfer of vehicle ownership upon completion of payments
7. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and absence of encumbrances
8. Buyer's Obligations: Buyer's responsibilities including insurance, maintenance, and usage restrictions during the payment period
9. Default and Remedies: Consequences of payment default and available remedies for both parties
10. Governing Law and Jurisdiction: Specification of applicable Indian law and jurisdiction for dispute resolution
1. Insurance Requirements: Detailed insurance obligations when specific types of coverage are required beyond statutory requirements
2. Third-Party Guarantor: Include when a guarantor is providing additional security for the payments
3. Early Payment Provisions: Terms for early payment of the full amount and any applicable discounts
4. Vehicle Use Restrictions: Specific restrictions on vehicle use, particularly relevant for commercial vehicles or luxury cars
5. Cross-Border Usage: Terms for using the vehicle outside the state/country, if permitted
6. Maintenance Requirements: Specific maintenance obligations beyond standard care, particularly for high-value vehicles
7. Refinancing Options: Terms for refinancing the remaining payments, if allowed
1. Schedule A - Vehicle Specification: Detailed technical specifications, features, and accessories of the vehicle
2. Schedule B - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and payment methods
3. Schedule C - Vehicle Inspection Report: Current condition report with photographs and noted defects or damage
4. Schedule D - Maintenance History: Record of previous maintenance and repairs
5. Appendix 1 - Required Documentation: List of documents required for vehicle transfer and registration
6. Appendix 2 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
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