Vehicle contract represents a wide range of contracts that are formed and signed certifying a deal which has been made in reference to a vehicle. The contracts record all the details of the parties involved in the formation of the contract, the details of the deal they have reached to, the terms &conditions that the parties have agreed to follow.
The vehicle contract has many types a few of which includes:
- Vehicle rental contract: A contract which is formed when two or more parties make a deal where a vehicle is rented or leased out.
- Vehicle sale/ purchase contract: A contract which is formed when two or more parties make a deal where a vehicle is either purchased or sold to or form a party.
- Vehicle repair contract: a contract which is formed when two or more parties make a deal of repairing a certain vehicle. These types of contracts generally involve a party which is either a garage or some other repairing agency.
- Vehicle retail installment contract: A contract which is formed when two or more parties make a deal where one of the parties agrees to make a payment in installments.
The contract specifies the detailed information of the vehicle for which the deal is being made. The information includes the type of the vehicle (like two-wheeler etc.), its make, model and manufacturers, the plate number and the engine number, color etc. All such contracts also specify the payments to be made, the mode of payment etc.
The contract is prepared and signed so as to make it a legal arrangement for the parties involved. The signing of the contract implies that the involved parties must follow the terms and conditions of the contract. Any violation of the terms is punishable by the law governing the deal.