Empty space

Drag & drop image files orbrowse to upload

Vehicle Lease Agreement

Empty space

Prepared for:
[Lessee Company]

Prepared by:
[Lessor Company]

Empty space

Vehicle Lease Agreement

This Vehicle Lease Agreement (hereinafter referred to as the “Agreement”) is entered and shall be effective as on [Effective Date],

By and Between

The [Lessor Name] (hereinafter referred to as “Lessor”), a company duly registered under the laws of [Law], having its principal place of business at [Address], and;

The [Lessee Name] (hereinafter referred to as “Lessee”), a company duly registered under the laws of [Law], having its principal place of business at [Address], 

The Lessor and the Lessee are collectively referred to as the "Parties" and "Party" individually. 

WHEREAS the Lessor is registered owner of the vehicle and is desirous of leasing the vehicle to the Lessee

AND WHEREAS the Lessee is willing to take a lease of the vehicle from the Lessor

NOW, THEREFORE, in consideration of the mutual promises and covenants between the Parties hereby agree as follows:

Empty space

Terms and Conditions

1. Vehicle Description

The Lessor is willing to lease the vehicle as described [Detailed information of the Vehicle] with the vehicle identification number [Number] to the Lessee as on the effective date [Date]. The Lessor owns the vehicle and is subject to Lease. Lessor will have the right to inspect the vehicle while taking possession of the vehicle on the date of return. Any issue that arises during the inspection shall be borne by Lessee.

2. Lessee’s Rights and Obligations

The Lessee shall make use of the vehicle only in accordance with this Agreement;
The Lessee undertakes that only approved drivers shall operate the vehicle during the tenure of the lease Agreement; 
Lessee shall not sublease the vehicle;

The Lessee is aware of the risks and damages associated with the vehicle. The Lessee is solely responsible for ensuring that the Lessor is named as the registered owner of the vehicle. The Lessee is prohibited from transferring, altering the vehicle without the written consent of the Lessor. The Lessee confirms that the vehicle has been carefully inspected and accepts that the vehicle is in good condition when taken on lease from the Lessor. The Lessee has the right to inspect the vehicle without prior notice at any time during the Agreement.

3. Lessor’s Rights and Obligations

The Lessor shall make the vehicle available to the Lessee for the duration of the Vehicle Lease Agreement and to be collected from the [Date] and [Place] of the collection. During the term of this Lease if the vehicle is damaged, destroyed, or stolen the Lessee shall remain financially responsible.

4. Pricing and Payment 

It is agreed that the Lessee shall pay the amount of [Amount] to the Lessor as agreed by both Parties. The mode of payment shall be cheque, bank transfer, online payment, or any other payment method as agreed upon by the Parties. The payment shall be made once the vehicle is taken on lease from the Lessor. 

5. Term

This Agreement shall be commenced as on the effective date [Date] and shall continue for a period of [Period].

6. Termination

Either Party may terminate/cancel this Agreement by written notice to the other Party. In case of breach of the terms and conditions herein by any Party, the Party in breach shall remedy it within [Number of Days] days upon receiving such notice of the breach. Failure to remedy the breach will lead to the termination of this Agreement without prior notice. 

7. Return of the Vehicle

The Lessee shall return the vehicle to the Lessor at the end of the period of [Period]. The vehicle shall be collected on the [Date], and at the location of [Address].

8. Arbitration

In the event of any dispute arising in and out of this Agreement between the Parties, it shall be resolved by Arbitration. There shall be [Number of Arbitrators] which shall be appointed by [Party Name]. The venue of Arbitration shall be [Venue/Location of Arbitration] and the seat shall be [State of Seat]. The Arbitrator's decision shall be final and will be binding on both the Parties.

9. Miscellaneous

Notice: All the approvals notices required hereto by either of the Parties shall be deemed to be given and delivered by international courier or registered email respectively. 
Severability: In the event, any provision of this Agreement is deemed to be invalid or unenforceable, in whole or part, that part shall be severed from the remainder of this Agreement, and all other provisions shall remain in full force and effect as valid and enforceable.
Modification: No modification of this Agreement shall be made unless in writing signed by both Parties.
Governing Law: This Agreement shall be governed by and in accordance with the laws of [State].
Entire Agreement: The Parties acknowledge that this Agreement sets forth and represents the entire Agreement between both the Parties. If the Parties are willing to change/add/modify any terms, they shall be in writing and signed by both Parties.

Empty space

Acceptance and Signature

IN WITNESS THEREOF, the Parties agree to the terms and conditions set forth above as demonstrated by their signatures as follows:

Lessor                                                                                                                               Lessee

Signature

Assign signer 1

Signature

Assign signer 2

Name

Assign signer 1

Name

Assign signer 2

Date

Assign signer 1

Date

Assign signer 2

Empty space

DISCLAIMER: Revvsales, Inc is not a law firm. The content provided herein is for general information purposes only, and does not constitute legal advice. Revvsales, Inc and its partners make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information mentioned hereunder. The use or reliance of any information contained herein is for your personal use and solely at your own risk. You agree to fully release and indemnify Revvsales, Inc from any liability associated with the use of this content. You are advised to obtain independent legal advice before taking or refraining from any action on the basis of the content provided here.

DISCLAIMER: Revvsales, Inc is not a law firm. The content provided herein is for general information purposes only, and does not constitute legal advice. Revvsales, Inc and its partners make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information mentioned hereunder. The use or reliance of any information contained herein is for your personal use and solely at your own risk. You agree to fully release and indemnify Revvsales, Inc from any liability associated with the use of this content. You are advised to obtain independent legal advice before taking or refraining from any action on the basis of the content provided here.