Simple Format for Lease Agreement | Lease agreement Formats

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 Vehicle Rental Agreement format

(Lease agreement Format)

This  Vehicle Rental Agreement (hereinafter referred to as the “Agreement”) is

Entered into as of _________________ by and between ________________________,

With a mailing address of ________________________________________________

_____________________________________ (hereinafter referred to as the “Owner”)

And ________________________, with a mailing address of ________________________________________________________ (hereinafter referred to as the “Renter”),

Collectively referred to as the “Parties,” both of whom agrees to be bound by this agreement.

1. Vehicle Being Rented. The Owner agrees to rent the following vehicle to the renter:

_______________     _____________   _____________

Make Body Year

___________________      _____________________

Model VIN

_________________________________________________

_________________________________________________

_________________________________________________

Additional Information

Hereinafter referred to as the “Vehicle”.

2. Rental Amount. The amount of the Vehicle Rental is Rupees____________________per_____________________

Period

The Rental includes unlimited miles. The Renter will not be required to pay any fees for miles used.

3. Vehicle Cost Disclosure: The full retail value of the Vehicle as of ___________ is Rupees ____________________.

4. Down Payment: The Renter will provide a down payment of Rupees ___________________, which will be deducted from the amount to be paid over the term of the Rental.

5. Rental Duration. This Agreement will begin on _____________________ and remain in full force and effect until the Vehicle is returned to the Owner. It is agreed that the Renter will return the Vehicle on _____________________ unless the agreement is terminated earlier.

6. Damage or Loss. As permitted given the extent of the law, the Renter will be responsible for the risk of theft, damage, loss, or destruction of the Vehicle from any and every cause. If while in the Renter’s possession the Vehicle becomes damaged, the

Renter agrees to pay for any and all costs of repair, up to the current value of the vehicle. If while in the Renter’s possession, the Vehicle becomes lost, the Renter agrees to pay the Owner its current value.

7. Late Return.  If the vehicle is returned to the Owner after the date and time that the rental period ends, the Renter agrees to pay the Owner a charge of rupees ____________________ per day for each day beyond the end of the rental period, until the Vehicle is returned. The Owner is also allowed to subtract these charges from the security deposit (if applicable).

8. Security Deposit. In addition to the fees listed in the Rental Amount and Late return, The Renter agrees to pay a deposit of Rupees____________________ at the time this Agreement is signed. The Owner may use this deposit to cover any amounts due under this Agreement.

9. Insurance: Insurance coverage is required for the Vehicle under this Agreement.

10. Vehicle Responsibility: The Renter agrees that they will be the sole operator of the Vehicle over the term of the Rental unless otherwise agreed upon with the Owner.

11.  Vehicle Care: It is agreed that the Vehicle must only be used in a proper and careful manner consistent with the Owner’s instructions and/or as the Vehicle was originally designed.

12. Legal Fees:  In the event of a dispute resulting in legal action, the successful party will be entitled to its legal fees, including, but not limited to its attorneys’ fees, collection fees, and the like.

13. Legal and Binding Agreement. This Agreement is legal and binding between the parties as stated above. The Parties each represent that they have the authority to enter into this Agreement.

14. Governing Law and Jurisdiction:  The Parties agree that this Agreement shall be governed by ____________________ law.

15. Entire Agreement. The Parties acknowledge and agree that this Agreement represents the entire agreement between the Parties. In the event that the Parties desire to change, add, or otherwise modify any terms, they shall do so in writing to be signed by both parties.

The Parties agree to the terms and conditions set forth above as demonstrated by their signatures as follows:

OWNER RENTER

Name: _______________ Name: _______________

Signed: _____________ Signed: _____________

Date: _______________ Date: ________________