An auto lease agreement refers to the document which ascertains the validation of a contract based on an agreement concerning the lease of a vehicle. It is supposed to contain the details of the vehicle in question vis-à-vis the information about the lease term. Thus it should be developed through legal advice in clear and unambiguous language.
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Sample Auto Lease Agreement
This auto lease agreement has been agreed between the lesser, Mr. Ross Helm and lessee, Mr. Wiki Gibson with respect to a Sedan car, the license number of which is NY968558. The lease is launched on the 7th of February, 2011 and remains active till 8th of February, 2012 for duration of nearly one year.
The lease runs on the abidance of particular terms and conditions, the failure of which would be counted as a legal offence and the culpable party would be subjected to punishment. These are as follows:
- The car has to be taken care of by the lessee for the entire lease period during which he will have to bear the cost of its maintenance services. Presence of any pockmark will be considered as breach of term.
- The lessee’s identity proof, income proof, citizenship card and other relevant documents will have to be furnished in the court within 8th March, 2011 for verification.
- The deed has to be signed by a notary as a witness to the transaction.
- Payments will have to be cleared by 5th of every month or else be accompanied by a late fee of extra $200.