The Private Car Payment Agreement is essential for transactions where a vehicle is sold with structured payments rather than a single lump sum in Pakistan. This document is commonly used by private sellers, dealerships, and financial institutions to formalize vehicle sales with installment payments. It protects both parties' interests by clearly defining payment terms, transfer of ownership conditions, and remedies for default. The agreement must comply with Pakistani legislation, including the Contract Act 1872, Motor Vehicles Ordinance 1965, and relevant financial regulations. It's particularly important in situations where the title transfer is contingent upon completion of payments and helps prevent disputes by clearly documenting all aspects of the transaction.
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1. Parties: Identifies and provides full details of the seller and buyer, including names, CNICs, addresses, and contact information
2. Background: Explains the context of the agreement - that the seller owns the vehicle and wishes to sell it to the buyer who agrees to purchase it under specific payment terms
3. Definitions: Defines key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Installment', 'Due Date', etc.
4. Sale and Purchase: Details the basic agreement to sell and purchase the vehicle, including the total purchase price
5. Payment Terms: Specifies the payment structure, including down payment, installment amounts, payment schedule, and payment methods
6. Vehicle Details and Condition: Describes the vehicle's specifications, current condition, and any known issues
7. Title Transfer: Outlines when and how the vehicle's title will be transferred, including registration requirements
8. Seller's Representations: Seller's warranties regarding vehicle ownership, condition, and absence of encumbrances
9. Buyer's Obligations: Specifies buyer's responsibilities including timely payments, vehicle maintenance, and insurance requirements
10. Default and Remedies: Describes what constitutes default and the consequences, including repossession rights
11. Governing Law: Specifies that Pakistani law governs the agreement and relevant jurisdiction
12. Signatures: Space for parties to sign, including witnesses as required under Pakistani law
1. Insurance Requirements: Detailed section on insurance requirements when the seller requires specific coverage during the payment period
2. Third-Party Financing: Additional terms when a bank or financial institution is involved in financing
3. Joint Owners: Required when the vehicle is being purchased jointly by multiple buyers
4. Security Deposit: Terms regarding any security deposit required by the seller
5. Usage Restrictions: Specific restrictions on vehicle usage until full payment is made
6. Early Payment Provisions: Terms for early payment or early termination of the agreement
7. Maintenance Requirements: Specific maintenance obligations during the payment period
8. Cross-Border Usage: Terms for using the vehicle outside the province or country during the payment period
1. Schedule A - Vehicle Specifications: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, registration number, and mileage
2. Schedule B - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and payment methods
3. Schedule C - Vehicle Inspection Report: Current condition report with photographs and noted defects or damage
4. Schedule D - Maintenance History: Record of previous maintenance and repairs
5. Appendix 1 - Required Documents: List of documents required for vehicle transfer including registration book, tax tokens, and insurance certificates
6. Appendix 2 - Transfer Forms: Copies of relevant transfer forms required by Pakistani authorities
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