A vehicle deposit contract is an official document drafted when an individual takes a vehicle on lease and has to deposit a certain amount of money for that. This amount is deposited so that if any damage is done to the car by the individual, the damage expense can be deducted from the deposit amount. The contract also acts a documentary evidence to avoid any misunderstanding arising between both the parties in the future.
Sample Vehicle Deposit Contract
Vehicle Deposit contract number: AH451
Date Of registration: 2nd April, 2010
This contract has been drafted between Garry Lawyer referred to as the depositor residing at:
2232 West Bridge
Los Angeles, North Dakota 5412
and Danny Car Hiring Services referred to as the car owner with office address at:
87 Lean Broad Road,
New York, North Dakota 5214.
As per the contract the depositor is taking the car owned by the car owner on lease for personal use.
Details of the vehicle:
Model of the vehicle: Corolla
Manufacturer of the motorcycle: Toyota
Year of manufacture: 2006
Color of the car: Red
Car registration number: LA 4125
Both the parties have to agree to the following terms and conditions:
- If any damage is done to the car, the amount will be deducted from the vehicle deposit to compensate for the damage amount.
- The depositor cannot take the vehicle to a different state.
- The vehicle deposit amount of $1000 has to be paid in advance
Find the signature of both the parties mentioned below:
Signature of the depositor: Signature of the car owner:
Garry Lawyer John Woo
(On behalf of Danny Car Hiring Services)