Vehicle Sales Agreement With Payments Template for Saudi Arabia

The Vehicle Sales Agreement With Payments is essential for any vehicle sale transaction in Saudi Arabia where the full purchase price is not paid upfront. This document is designed to comply with Saudi Arabian commercial law, traffic regulations, and Sharia principles governing financial transactions. It is commonly used by car dealerships, private sellers, and companies engaged in vehicle sales, providing a legally sound framework for installment-based vehicle purchases. The agreement includes crucial elements such as vehicle specifications, payment terms, ownership transfer conditions, and buyer/seller obligations. It's particularly important in the Saudi Arabian context where Islamic finance principles must be observed, and specific local requirements for vehicle registration and transfer must be met. The document serves both commercial and individual sale scenarios, offering protection for all parties involved while ensuring regulatory compliance.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and official identification numbers

2. Background: Context of the sale, establishing the seller's ownership and right to sell the vehicle

3. Definitions: Key terms used throughout the agreement including Vehicle, Purchase Price, Payment Schedule, and Delivery Date

4. Vehicle Description: Detailed specification of the vehicle including make, model, year, VIN, color, mileage, and condition

5. Purchase Price and Payment Terms: Total purchase price, payment schedule, deposit amount, and installment details in compliance with Sharia principles

6. Transfer of Ownership: Conditions and process for transferring vehicle ownership, including registration requirements

7. Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance procedures

8. Seller's Representations and Warranties: Warranties regarding vehicle condition, ownership, and absence of encumbrances

9. Buyer's Obligations: Responsibilities including timely payments, insurance, and maintenance requirements

10. Default and Remedies: Consequences of payment default and available remedies for both parties

11. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction for disputes

12. Entire Agreement: Statement that the agreement represents the complete understanding between parties