The Truck Lease Agreement Form is a vital legal instrument used in Nigerian commercial transportation operations when one party (lessor) agrees to lease one or more commercial trucks to another party (lessee) for a specified period. This document is essential for businesses requiring commercial vehicles without the capital investment of purchasing them outright. The agreement comprehensively addresses all aspects of the leasing arrangement, including financial terms, maintenance responsibilities, insurance requirements, and operational conditions. It ensures compliance with Nigerian transportation laws, federal road safety regulations, and commercial vehicle operation standards while protecting both parties' interests. The document is particularly relevant in today's growing Nigerian logistics and transportation sector, where flexible vehicle acquisition options are increasingly important for business operations.

1. Parties: Identifies and provides full details of the lessor and lessee, including registration numbers, addresses, and authorized representatives

2. Background: Explains the context of the agreement and the parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Vehicle Description: Detailed description of the truck(s) being leased, including make, model, year, VIN, and current condition

5. Lease Term: Specifies the duration of the lease, commencement date, and conditions for renewal

6. Rental Payments: Details the lease payment amounts, payment schedule, and payment methods

7. Security Deposit: Specifies the security deposit amount, terms of hold, and conditions for return

8. Use of Vehicle: Defines permitted uses, territorial limits, and operational restrictions

9. Maintenance and Repairs: Outlines maintenance responsibilities, repair procedures, and cost allocation

10. Insurance Requirements: Specifies required insurance coverage and responsibilities for maintaining insurance

11. Liability and Indemnification: Defines liability allocation between parties and indemnification obligations

12. Default and Termination: Specifies events of default and termination procedures

13. Return of Vehicle: Details the conditions and procedures for returning the vehicle at lease end

14. Governing Law: Specifies Nigerian law as governing law and jurisdiction for disputes

15. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties