Investment Now

1. Period of Contract: Contracts stand valid for 6 to 48 months (_________).
2. Terms of Payment: Monthly contract charges of Rs. ______ per vehicle subject to deduction as per the prevailing laws on or before the 10^th day of each calendar month, first of such contract amount shall be paid on the ______ day of _______ and the subsequent contract amount to be paid on or before the 10^th of every succeeding month regularly during the validity of the agreement.
   If the lessee makes any default in payment for subsequent three months from the date of payment, the lessee will pay interest at the rate of 3% per annum on the default amount until payment.
3. EMI of Vehicle: To be paid by the Lessee during the validity of the agreement as per the loan schedule letter of Financier Bank along with monthly contract amount charges. In turn, the Lessor is bound to make the EMI payment to the Financier Bank or Institution.
4. Insurance: To be paid by the Lessee during the validity of the agreement for the remaining period of _______ months/years.
5. Government & R.T.O. Taxes: To be paid by the Lessee during the validity of the agreement according to the prevailing rate at the time of execution of the agreement.
6. Inspection: The Lessor is entitled to inspect the vehicle(s) given on contract once in 3 months by giving 15 days' prior notice to the above-stated address and inspect the vehicle at the office of the Lessee.
7. Maintenance: It shall be the responsibility of the Lessee for the proper maintenance and upkeep of the vehicle during the validity of the agreement.
8. Fuel: It shall be the responsibility of the Lessee to provide fuel and engine oil for running the vehicle during the validity of the agreement.
9. Driver: It shall be the responsibility of the Lessee to engage the services of properly licensed drivers and to make all statutory and other dues to them during the validity of the agreement.
10. Buy Back: The Lessee will have the option at the sole discretion of the Lessor/registered owner to purchase the vehicle(s) at a fair market value or at the maximum value of Rs. __________. Upon mutual consent after the expiry of the agreement (i.e., after ___ to 48 months). However, this buy-back clause does not be construed to be conferring any enforceable right on the Lessee but the first option to buy the Truck shall be that of the Lessee herein.
11. Theft/Accident/Loss Claim: Upon intimation by the Lessee, the Lessor/registered owner will initiate claim with the insurance company, in the event of accident/damage and the necessary documents would be provided by the Lessor. If any of the eventualities as stated in this clause occurs, Lessor shall not be entitled to receive from the lessee the monthly rentals/hire charges. In the event of the total loss/damage/theft the entire insurance will be received and retained by the registered owner/financier as per the rules and regulations of the insurance company and the Lessor is bounded to make the payment of EMI to the Bank from such date forthwith.
12. Completion of the Contract Upon unsuccessful completion of the terms of this agreement, the Lessor shall receive the leased vehicle(s) in proper working condition including the tyres and battery in good condition normal wear tear acceptable depending on the period of use.
13. Jurisdiction: The vehicle(s) leased out shall be operated within India and if any dispute arises, the competent Court at Patiala (Punjab) shall have exclusive jurisdiction.
14. 14. Agreement Binding On: The lessee under this agreement is fully authorized to sub-contract the said vehicle to any third party and the Lessor shall not raise objection for legitimate business of transport purpose. In the event of objection raised by the Lessor will result in the termination of the Contract.

Lessee's Covenants

Without prejudice to the above terms, conditions, and requirements on the part of the lessee hereby further covenants with the Lessor to:

1. Take delivery of vehicle(s) and sign the delivery and acceptance certificate provided by the Lessor and upon signing of the acceptance certificate, the lessee shall thereafter not be entitled to raise any objections whatsoever regarding the condition of the vehicle.
2. Pay the contract amount as stipulated in the agreement.
3. Use the vehicle(s) for its bonafide business purpose only and not for unlawful or illegal activities, and in such event, the lessee is solely responsible for legal and other consequences thereof.
4. Keep the vehicle(s) in good working condition and to operate the vehicle(s) in a skillful and proper manner and by persons who are competent to operate the vehicle(s).
5. Not to make additions or alterations to the vehicle(s) without the written consent of the lessor.
6. Not to transfer or assign, mortgage, charge, encumber, sell, or otherwise dispose of the vehicle(s) or any interest therein nor to create nor allow to be created any lien on the vehicle(s) whether for repairs or otherwise, and in the event of breach of the clause by the lessee, the lessor shall be entitled (but shall not be bound) to pay to any third party such sum as is necessary to procure the release of the vehicle(s) from any charge, encumbrance, or lien and thereupon make a demand on the lessee for reimbursement of the amount paid by him, and the lessee shall pay the same forthwith. The lessee, however, shall be entitled to sub-rent/sub-lease the vehicle herein procured, without creating any of the rights herein above stated in favor of any third party, any rights/liabilities so created will be of civil nature alone.
7. Not to claim any relief by way of deductions or allowance under the income tax Act or any other statute rules or regulations available to the lessor and not to do or omit to be done any act/deed or thing whereby the lessor is deprived to claim relief by way of deduction of allowances as the owner of the vehicle(s) under the income tax Act, and the lessee shall furnish to the lessor such information as it may require to claim relief/allowance and to comply with terms and conditions to comply with or observe in respect of the use of operation of the vehicle(s) to entitle the lessor to obtain such relief.
8. Permit the lessor to terminate the agreement forthwith and take possession of the vehicle(s) let out on lease/hire from the lessee in the event of determined failure or default by the lessee of any of the terms and conditions of this agreement.
9. The lessee reserves the right of amendments in the clauses of the agreement mentioned herein above with giving prior intimation to the lessor.
10. Lessor will not interfere with the lessee's day-to-day affairs of legitimate business of TRANSPORT.
11. Lessor will not compete with the business of lessee during the validity of the agreement.

12. The lessor to keep dignity of the office of the lessee during the validity of the agreement for the proper relation between lessor and lessee. The lessee expects the cooperation of lessor due to the published business nature of the lessee.
13. The communication of any letter by registered AD/Courier/Hand delivery to the registered address given by the lessor will be service for all legal purpose. Any change in the address of lessor to be intimated to lessee properly.
14. The down payment made by the lessor is mutually agreed and as per the scheme given to Him/Her, which may be utilized for arranging his/her vehicle on road, the loan will be arranged by the lessee from the reputed financier/institution depending upon the paper furnished by the lessor at the sole discretion of the financier/Bank/Institution. In case the loan is not sanctioned, the lessee will arrange and buy the vehicle in company's name and will be utilized for business and shall be handed over to lessor after completion of the agreement.