AGREEMENT
This Agreement is executed at _______ on this ______ between
____ Son of ______, resident of _______, (hereinafter called the seller which expression shall include his heirs, representatives, assigns) of the FIRST PART
AND
_____ son of _____, resident of ______ (hereinafter called the Purchaser which expression shall include his heirs, representatives, assigns) of the SECOND PART
WHEREAS party of the first part is the registered owner of the Vehicle ____ bearing its registration No. ___, Engine No. ____, Chassis No. _____, Model ____.
WHEREAS, the above mentioned vehicle is commercial vehicle and is being used for carrying the goods from one place to another place on freight.
AND WHEREAS, the above-mentioned vehicle is financed with _____ for the amount of ____/- on interest @ __% per annum. The finance amount alongwith interest thereon is to be paid to the financer in __ equal installments @ ____/- per month on ___ day of each and every month. The party of the first part has already paid __ installments of the above said vehicle @ ____/- per month and the __ installments of the above said vehicle is still due and to be paid to the said financer.
AND WHEREAS, the party of the first part is interested and agreed to sell the said vehicle to the party of the second party and the party of the second party is also interest and agreed to purchase the above mentioned vehicle on the following terms and conditions: -
1- That the total sale consideration of the above said vehicle has been settled between the parties of this agreement at ______/- (____) leaving behind __ equal installments @ ___/- per month which shall be paid on or before ___ day of each and every month till the full and final payment, for which the party of the second part has agreed that the amount of each and every installment shall pay regularly in cash on or before ___ day of each and every month against proper receipt to the party of the first part and party of the first part shall pay the same through Cheque to the financer.
2- That the party of the first part has already handed over the physical possession of the above said vehicle alongwith it’s all the relevant original documents etc. to the party of the second part on ____ at about __. Subject to condition that the party of the second part shall never handover the above said vehicle to any other person for running the same.
3- That the party of the second party has paid ___/- in cash on ____ to the party of the first part and the party of the second part has agreed to pay the amount of ____/- (_____ only) to the party of the first part on or before ____ as part payment of the sale consideration and the rest amount of _____/- (___ only) alongwith interest @ _% per month thereon shall be paid by the party of the second part to the party of the first part within the period of next __ months from the date of execution of this agreement i.e. on or before _____.
4- That the party of the second part has agreed that he shall get the said vehicle insured continuously forever with the insurance company on or before its expiry date and he will handover the photocopy of the insurance policy to the party of the first part on the same day.
5- That the party of the second part will run the above said vehicle on the proper rout for which he will be permitted by the Government.
6- That the party of the first part has ensured the party of second part that no any challan, court case, claim and Taxes relating to the above said vehicle is outstanding or payable till today and the party of the second part is agreed that since __ day of ___ he himself only shall be fully responsible for all types of claims, challans, accident cases, court case, penalties and taxes whatsoever relating to the above said vehicle since _____ in future.
7- That after making the payment of all the installments, taxes, claims or other dues whatsoever relating to the above said vehicle by the party of the second part then the party of first part shall get cancelled the H.P of the said vehicle from the financer and get transfer the ownership of the said vehicle in the name of party of the second part. The party of the second part has agreed that from ___ till the date of transfer of the ownership of said vehicle in the name of the party of the second part, the party of the second part himself shall be responsible and liable to pay all types of the payments of the claim amount/compensation amount to aggrieved person and party of the first part shall not be liable and responsible for the same in any manner
8- That the party of the second part has also agreed that if the party of the first part will suffer any financial and economical loss for the damages, maintenance, repairing or any claims etc. whatsoever in future due to the non compliance of this agreement or negligence of the party of the second part in that event the party of second part shall be bound to reimburse for the same whatsoever to the party of the first part
9- That both the parties of this agreement are bound to abide all the terms and conditions of this agreement and party of the second part has agreed that if party he will violate or infringe the above mentioned terms and conditions of this agreement then party of the first part shall have right to take the physical possession of the above mentioned vehicle back in his own possession from the party of the second part and the whole payment of the party of the second part whatsoever shall be deemed forfeited in lieu of using and running the above said vehicle for freight in that event party of the second part shall have no any right to claim for the same in any manner against the party of the first part without giving any prior notice in writing to the party of the second part.
10- That both the parties have fully read over and understood the terms and conditions of this Agreement and accepted the same.
In witnesses whereof both the parties have set their hands on the date, month and year first mentioned above, without any pressure or undue influence in the presence of the following witnesses:
PARTY OF THE FIRST PART PARTY OF THE SECOND PART
_________ ___________
Witness Witness
