Agreement for Sale of Damage Vehicle
THIS AGREEMENT is made at Chennai on ______________________________
Between
Mr. ______________________________ Residing at ______________________________
__________________________ Chennai – __________________________ (Hereinafter called 'the seller’) Party of the First Part
And
Mr. ______________________________ residing at ______________________________
__________________________ - __________________________ (Hereinafter called 'the Purchaser') Party of the Second Part;
And whereas -
1. I, __________________________ has got the Vehicle no. __________________________ insured against loss of his car, having Engine __________________________ and Chassis __________________________ under insurance Policy No __________________________ issued by __________________________ General Insurance __________________________ Ltd. for the period from ______________________________ till ______________________________ midnight as per terms and conditions laid down by __________________________
And Whereas –
2. The Seller __________________________ wanted to sell the said car as and where condition.
And Whereas –
3. The Purchaser __________________________ approached the seller __________________________ and offered to purchase the said salvage car for the amount mentioned in the terms and condition.
NOW IT IS HEREBY AGREED AS FOLLOWS:--
The insurer M/s. __________________________ General Insurance Company (India) Limited. has acted only as a facilitator to act on behalf of and assist __________________________ in the salvaging process.
The seller will sell the Car No __________________________ to the purchaser for the amount of Rs. ______________________________/- (in words __________________________ ).
The Purchaser will purchase the said car in cash or issuing single Demand Draft of the amount agreed, payable either to the Hypothecator’s Loan A/c. Number (In case where Seller does not foreclose the loan and share Form-35 & NOC in Originals) or to the Seller (In case where Seller forecloses the loan and share Form-35 & NOC in Originals)
The Purchaser will transfer the vehicle registration in the books of RTO within 90 days from the date of purchase and will bear the cost of the transfer fees, which is to be paid to the RTO.
The Purchaser will insure the car at his own cost and provide the copy of the insurance policy to the seller within 90 days of sale/purchase.
The Purchaser will not use the car or allow anybody else to use the car for any unlawful act or terrorist activity.
That the purchaser will be fully and solely liable and responsible for the any claim, compensation, fines, which are the outcome of any accident or unlawful use of the vehicle or any act which is/or would amount to terrorist activity, from the date of sale/purchase and the seller will not be approached.
In case of any such claim, compensation, fine after the date of sale/purchase, the purchaser will be solely liable and responsible and will make good the losses at his own cost.
The purchaser will deliver the custody of the car to the court, in case the Court wants the car for inspection.
The purchaser will deliver the custody of the car to the seller, in case the seller wants the car for inspection, for production before court or if the vehicle is used or is suspected to/would be used in unlawful act or terrorist activity or if the seller is been or is likely to be implicated as a party to any suit or criminal complaint or any court proceeding/s.
The Seller will not be held liable and responsible for any mechanical defect which occurs after the date of sale/purchase, even if the defect so occurs is the result of any earlier defect.
The insurer M/s. __________________________ General Insurance Company (India) Ltd. is acting as a witness to this agreement between Seller and Purchaser, whereas the Purchaser has agreed to indemnify both the Seller and Insurer in the event of non-compliance or breach of any of the Points #4 to #11.
The Purchaser is ready and willing to purchase the said car in the condition as it is.
The seller will be getting the policy cancelled w.e.f. ______________________________.
IN WITNESS WHERE OF the parties have put their respective hands the day and year first hereinabove written.
Deponents
__________________________ __________________________
__________________________ __________________________
Mob: Mob:
In Witness Of
__________________________ __________________________
Add:Add:
Sign:Sign:
WITNESSES:
1.
Name, address and signature
2.
Name, address and signature
