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Vehicle Lease Agreement
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Prepared for:
[Lessee Company]

Prepared by:
[Lessor Company]
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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:

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

  1. The Lessee shall make use of the vehicle only in accordance with this Agreement;
  1. The Lessee undertakes that only approved drivers shall operate the vehicle during the tenure of the lease Agreement;
  1. 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

This Agreement shall be terminated if any of the Parties conduct any breach or if the Lessee fails to pay the amount to the Lessor or if the Lessor fails to provide the vehicle to the Lessee.

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. Miscellaneous

  1. 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.
  1. Governing Law: This Agreement shall be governed in all respects by, and be construed in accordance with, the laws of State of [State].
  1. Notices: Any notices required or permitted by this Agreement shall be in writing and delivered by certified mail or courier to the above-mentioned address.
  1. Entire Agreement: The Parties acknowledge that this Agreement sets forth and represents the entire Agreement between both Parties. If the Parties are willing to change/add/modify any terms, they shall be in writing and signed by both Parties.

9. 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(s) name]. The place of Arbitration shall be [Place of Arbitration] and Seat shall be [State of 'State']. The arbitrators’ decision shall be final and will be binding upon both Parties.

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
Name
Assign signer 1
Date
Assign signer 1
Signature
Assign signer 2
Name
Assign signer 2
Date
Assign signer 2

Free Vehicle Lease Agreement Templates

Check out our vehicle lease agreement to make an arrangement with the person you are leasing your vehicle. Here's the terms and conditions that you need to know