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Down Payment Agreement For Car
I need a Down Payment Agreement For Car for a private sale of my Mercedes-Benz GLE 450, where the buyer will pay a 20% down payment of AED 50,000 by March 15, 2025, with the remainder to be paid within 30 days.
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1. Parties: Identification of the seller (dealer/individual) and buyer with full legal names, addresses, and relevant identification numbers
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including 'Down Payment', 'Purchase Price', 'Vehicle', etc.
4. Vehicle Details: Complete description of the vehicle including make, model, year, VIN, color, and current mileage
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, and payment schedule for the remaining balance
6. Down Payment Terms: Specific details about the down payment, including amount, payment method, and due date
7. Conditions for Return or Forfeiture: Circumstances under which the down payment may be refunded or forfeited
8. Vehicle Delivery Terms: Conditions and timeline for vehicle delivery after down payment
9. Representations and Warranties: Statements about the vehicle's condition and seller's authority to sell
10. Default and Remedies: Consequences of default by either party and available remedies
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Trade-In Details: Used when there is a trade-in vehicle involved in the transaction
2. Insurance Requirements: Included when specific insurance requirements need to be met before delivery
3. Financing Contingency: Added when the purchase is contingent on buyer obtaining financing
4. Vehicle Modifications: Included when pre-delivery modifications are agreed upon
5. Extended Warranty: Used when an extended warranty is being purchased
6. Registration and Transfer Costs: Added when there's a need to specify responsibility for registration fees and transfer costs
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Schedule C - Vehicle Inspection Report: Current condition report and any existing damage or issues
4. Appendix 1 - Required Documents: List of documents required for vehicle transfer and registration
5. Appendix 2 - Warranty Terms: Details of manufacturer's warranty or extended warranty terms if applicable
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