The Commercial Vehicle Lease Agreement is essential for businesses in Singapore requiring commercial vehicles without the capital investment of purchase. This document, governed by Singapore law, establishes the legal framework for leasing commercial vehicles, ensuring compliance with local regulations including the Road Traffic Act and LTA requirements. It covers crucial elements such as vehicle specifications, financial terms, maintenance obligations, and operating restrictions, while protecting both lessor and lessee interests. The agreement is particularly relevant given Singapore's strict vehicle licensing and quota system.
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1. Parties: Identification of lessor and lessee with full legal details
2. Background: Context of the lease arrangement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Vehicle Description: Detailed specification of the leased vehicle(s)
5. Lease Term and Payments: Duration and payment terms including deposit requirements
6. Insurance Requirements: Mandatory insurance coverage and responsibilities
7. Maintenance and Repairs: Responsibilities for vehicle maintenance and repair
8. Use Restrictions: Permitted use and operational limitations
9. Termination: Conditions for early termination and consequences
1. Fleet Management: Additional terms for multiple vehicle leases when handling more than one vehicle
2. Driver Requirements: Specific driver qualification and training requirements for specialized vehicles or operations
3. Cross-Border Use: Terms for vehicle use in Malaysia or other countries when international travel is contemplated
1. Vehicle Specification Schedule: Detailed technical specifications of vehicle(s)
2. Payment Schedule: Breakdown of lease payments and payment dates
3. Maintenance Schedule: Required maintenance intervals and procedures
4. Insurance Schedule: Details of required insurance coverage
5. Condition Report: Initial vehicle condition documentation including photographs and inspection reports
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