The Vehicle Lease To Own Agreement is designed for use in the United Arab Emirates when a party wishes to lease a vehicle with the intention of purchasing it at the end of the lease term. This arrangement is particularly common in the UAE market where both conventional and Islamic financing options are available. The document incorporates essential elements required by UAE Federal Laws, including the Civil Code (UAE Federal Law No. 5 of 1985) and Federal Traffic Law No. 21 of 1995. It is structured to accommodate both individual and corporate lessees, with provisions for vehicle registration, insurance, maintenance, and eventual transfer of ownership. The agreement can be adapted for various vehicle types and lease durations, making it suitable for both personal and commercial use within the UAE jurisdiction.
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1. Parties: Identifies and provides full details of the lessor/seller and lessee/buyer, including trade license details for companies and Emirates ID for individuals
2. Background: Explains the context of the agreement, including the lessor's ownership of the vehicle and the lessee's desire to lease with intention to purchase
3. Definitions: Defines key terms used throughout the agreement including Lease Period, Purchase Option, Monthly Payments, etc.
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, VIN, and current condition
5. Lease Term and Payments: Specifies the duration of the lease, payment amounts, payment schedule, and method of payment
6. Purchase Option: Details of how and when the lessee can exercise the option to purchase, including the final purchase price and transfer process
7. Delivery and Acceptance: Terms regarding the delivery of the vehicle and acceptance inspection procedures
8. Insurance and Registration: Requirements for vehicle insurance and registration during the lease period
9. Maintenance and Repairs: Responsibilities for vehicle maintenance, repairs, and service requirements
10. Usage Restrictions: Limitations on vehicle use, mileage restrictions, and geographical limitations if any
11. Default and Termination: Circumstances constituting default, remedies, and termination procedures
12. Governing Law and Jurisdiction: Specifies UAE law as governing law and jurisdiction for dispute resolution
13. Notices: Process and addresses for formal communications between parties
14. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties
1. Islamic Finance Compliance: Required when the agreement needs to comply with Sharia principles, detailing the Islamic finance structure
2. Early Purchase Option: Include when allowing the lessee to purchase the vehicle before the end of the lease term
3. Third-Party Guarantor: Required when a guarantor is providing additional security for the lessee's obligations
4. Cross-Border Usage: Include when the vehicle may be used in other GCC countries or internationally
5. Commercial Usage: Required when the vehicle will be used for commercial purposes
6. Sublease Provisions: Include when sublease of the vehicle is permitted under certain conditions
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including monthly instalments, deposits, and purchase option price
3. Schedule 3 - Vehicle Condition Report: Comprehensive report of vehicle condition at time of delivery including photographs
4. Schedule 4 - Insurance Requirements: Detailed insurance requirements including minimum coverage levels
5. Schedule 5 - Maintenance Schedule: Required maintenance schedule and service intervals
6. Appendix A - Vehicle Registration Documents: Copies of current vehicle registration documents
7. Appendix B - Handover Checklist: Checklist for vehicle handover and acceptance procedures
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