The Auto Sales Contract With Payments is a crucial document used in India for vehicle purchases where the buyer opts to pay the purchase price in installments rather than a single payment. This agreement is designed to comply with Indian legislative requirements, including the Motor Vehicles Act 1988, Sale of Goods Act 1930, and RBI guidelines on auto financing. It is commonly used by automotive dealers, companies, and individuals to document vehicle sales transactions with payment plans. The contract includes essential details about the vehicle, parties involved, payment terms, warranties, and obligations, while ensuring proper transfer of ownership and registration under Indian law. It protects both buyer and seller interests by clearly defining payment schedules, default consequences, and remedies available under Indian jurisdiction.
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1. Parties: Identification of the seller and buyer with complete details including name, address, and contact information
2. Background: Brief context of the transaction and the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle being sold including make, model, year, VIN, color, and current odometer reading
5. Purchase Price and Payment Terms: Total purchase price, payment schedule, installment amounts, and payment methods
6. Delivery and Transfer of Title: Terms regarding vehicle delivery, transfer of ownership, and registration requirements
7. Seller's Representations and Warranties: Warranties regarding vehicle condition, ownership, and absence of encumbrances
8. Buyer's Obligations: Buyer's responsibilities including timely payments, insurance, and maintenance requirements
9. Default and Remedies: Consequences of payment default and available legal remedies
10. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities
11. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
12. Notices: Method and addresses for formal communications between parties
13. Entire Agreement: Standard clause confirming this document as the complete agreement between parties
1. Trade-In Details: Used when there is a vehicle being traded in as part of the purchase
2. Dealer Financing Terms: Required when financing is provided by the dealer rather than a third-party institution
3. Co-Signer Details: Include when there is a co-signer guaranteeing the payments
4. Extended Warranty: Terms of any extended warranty or service contract being purchased
5. Dealer Add-Ons: Details of any additional features or services being purchased with the vehicle
6. Early Payment Provisions: Terms for early payment or prepayment of the outstanding balance
1. Schedule A - Vehicle Specifications: Detailed technical specifications of the vehicle including features, accessories, and current condition
2. Schedule B - Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations
3. Schedule C - Delivery Checklist: Itemized list of documents, keys, and accessories to be delivered with the vehicle
4. Schedule D - Vehicle Inspection Report: Detailed report of vehicle condition at time of sale
5. Appendix 1 - Required Documentation: List of all required documents for vehicle transfer and registration
6. Appendix 2 - Insurance Requirements: Detailed insurance requirements and minimum coverage specifications
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Retail
Insurance
Transportation
Consumer Goods
Legal Services
Relevant Teams
Legal
Sales
Finance
Compliance
Risk Management
Collections
Documentation
Customer Service
Business Development
Operations
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Automotive Dealer
Contract Administrator
Credit Manager
Documentation Specialist
Sales Representative
Finance and Insurance Manager
Business Development Manager
Risk Manager
Collections Manager
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