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The Commercial Vehicle Rental Agreement is essential for businesses in Singapore requiring temporary use of commercial vehicles without the commitment of purchase. This document is particularly relevant given Singapore's strict vehicle ownership regulations and high cost of vehicle ownership. The agreement ensures compliance with Singapore's transportation laws, including the Road Traffic Act and LTA regulations, while protecting both lessor and lessee interests. It covers crucial aspects such as vehicle specifications, rental duration, payment terms, maintenance responsibilities, insurance requirements, and liability allocation. This agreement is commonly used for both short-term and long-term commercial vehicle rentals, providing flexibility for businesses while ensuring regulatory compliance.
