This Vehicle Lease Agreement (hereinafter referred to as the “Agreement”) is entered and shall be effective as on Effective Date, By and Between Lessor Name (hereinafter referred to as the “Lessor”), a company duly registered under the laws of Applicable State of Law for Lessor, having its principal place of business at Address_Lessor, and; Lessee Name (hereinafter referred to as the “Lessee”), a company duly registered under the laws of Applicable State of Law for Lessee, having its principal place of business at Address_Lessee. The Lessor and the Lessee are collectively referred to as the “Parties” and the “Party” individually. WHEREAS the Lessor is the 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:
The Lessor is willing to Lease the Vehicle as described Detailed Information of the Vehicle with the Vehicle Identification Number (VIN) Vehicle Identification Number to the Lessee as of the effective date Effective Date. The Lessor owns the Vehicle and is subject to Lease. The Lessor will have the right to inspect the Vehicle while taking possession of it on the date of return. Any issue that arises during the inspection shall be borne by the Lessee.
The following are the rights and obligations of the Lessee: (a) The Lessee shall make use of the Vehicle only in accordance with this Agreement; (b) The Lessee undertakes that only approved drivers shall operate the Vehicle during the tenure of the Lease Agreement; (c) Lessee shall not sublease the Vehicle; (d) The Lessee is aware of the risks and damages associated with the Vehicle; (e) 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 or altering the Vehicle without the written consent of the Lessor; (f) The Lessee has the right to inspect the Vehicle without prior notice at any time during the Agreement and confirm that the Vehicle is in good condition when taken on Lease from the Lessor.
The Lessor shall make the Vehicle available to the Lessee for the duration of the Vehicle Lease Agreement and to be collected on Date of Vehicle Collection from Place of Vehicle Collection. During the term of this Lease, if the Vehicle is damaged, destroyed, or stolen, the Lessee shall remain financially responsible.
It is agreed that the Lessee shall pay the amount of Vehicle Lease 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.
This Agreement shall commence on the Effective Date and continue for a period of Agreement Period.
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 to remedy breach day(s) upon receiving such notice of the breach. Failure to remedy the breach will lead to the termination of this Agreement without prior notice.
The Lessee shall return the Vehicle to the Lessor at the end of the Agreement Period. The Vehicle shall be collected on Vehicle Return Collection Date from Address to collect the vehicle.
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 arbitrator(s), who shall be appointed by Arbitration Appointing Party Name. The venue of arbitration shall be Location of Arbitration, and the Seat shall be State of Seat. The arbitrator's decision shall be final and binding on both Parties.
All the approval notices required herein by either of the Parties shall be conducted in written form and delivered either in person or via certified mail.
In the event any provision of this Agreement is deemed to be invalid or unenforceable, in whole or in 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.
No modification of this Agreement shall be made unless in writing signed by both Parties.
This Agreement shall be governed by and in accordance with the laws of Governing Law.
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.
IN WITNESS WHEREOF, the Parties agree to the terms and conditions set forth above as demonstrated by their signatures as follows:
Lessee Name
Lessor Name
Name:
Name:
Signature:
Signature:
Date:
Date: