Vehicle Lease Agreement Between Individual And Company Template for Philippines

The Vehicle Lease Agreement Between Individual And Company is a crucial legal document used in the Philippines when a company wishes to lease a vehicle to an individual for personal or business use. This agreement is essential for companies operating vehicle fleets or providing leasing services, ensuring compliance with Philippine regulations including the Civil Code, Consumer Act, and Land Transportation and Traffic Code. The document typically includes comprehensive details about the vehicle, lease terms, payment structures, maintenance obligations, insurance requirements, and usage restrictions. It's particularly relevant in situations where companies need to provide vehicles to employees, contractors, or clients while maintaining legal ownership and ensuring proper vehicle usage and maintenance. The agreement must conform to Philippine legal requirements and should be drafted to protect both parties' interests while ensuring clarity in their respective rights and obligations.

1. Parties: Identifies and provides complete details of the lessor (company) and lessee (individual), including their legal names, addresses, and contact information

2. Background: Explains the context of the agreement and the parties' intention to enter into a vehicle lease arrangement

3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation

4. Vehicle Description: Detailed specification of the leased vehicle including make, model, year, color, VIN, plate number, and current condition

5. Lease Term and Delivery: Specifies the duration of the lease, commencement date, and delivery arrangements

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

7. Use of Vehicle: Specifies permitted uses, territorial limits, and restrictions on vehicle usage

8. Maintenance and Repairs: Outlines responsibilities for vehicle maintenance, repairs, and scheduled servicing

9. Insurance Requirements: Specifies required insurance coverage and responsibilities for insurance costs

10. Warranties and Representations: States the warranties provided by both parties regarding the vehicle and their capacity to enter the agreement

11. Default and Termination: Details events of default and the consequences of termination

12. Return of Vehicle: Specifies the conditions and procedures for returning the vehicle at lease end

13. Governing Law: Establishes that Philippine law governs the agreement

14. Execution: Signature blocks and execution formalities