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Vehicle Sell Agreement

Vehicle Sell Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Vehicle Sell Agreement

"I need a Vehicle Sale Agreement under Saudi law for selling my company's fleet of 5 delivery trucks to another business, with payment to be made in three installments between January and March 2025, including warranty terms for each vehicle."

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Document background
The Vehicle Sale Agreement is a crucial legal document used in Saudi Arabia for documenting and formalizing the sale and purchase of vehicles between parties. This agreement is essential for both private and commercial vehicle sales, ensuring compliance with Saudi Arabian traffic laws, commercial regulations, and Sharia principles. It serves as a comprehensive record of the transaction, including critical details such as vehicle specifications, price, payment terms, and warranty conditions. The document is designed to protect both sellers' and buyers' interests while facilitating proper ownership transfer through Saudi Arabia's traffic authorities. It includes necessary provisions for regulatory compliance, including VAT considerations and technical inspection requirements, making it suitable for various types of vehicle transactions from individual sales to commercial fleet transfers.
Suggested Sections

1. Parties: Identification of the seller and buyer with complete details including ID/commercial registration numbers

2. Background: Brief context of the sale transaction and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN, mileage, and registration number

5. Purchase Price and Payment: Purchase price, payment terms, method of payment, and VAT details

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

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

8. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition

9. Completion of Sale: Process and requirements for completing the sale transaction

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

Optional Sections

1. Financing Terms: Include when the purchase involves financial institution or installment payments

2. Insurance Requirements: Include when specific insurance arrangements are part of the sale conditions

3. Vehicle Maintenance History: Include for used vehicles with significant maintenance history

4. Post-Sale Services: Include when the sale includes warranty or after-sale service agreements

5. Import/Export Provisions: Include when the vehicle is being imported or may be exported

6. Agency Authorization: Include when either party is acting through an authorized agent

Suggested Schedules

1. Vehicle Inspection Report: Technical inspection report detailing vehicle condition and compliance with Saudi standards

2. Vehicle Registration Documents: Copies of current registration and ownership documents

3. Payment Schedule: If applicable, detailed schedule of installment payments

4. Warranty Terms: Detailed warranty terms and conditions if provided

5. Vehicle Photographs: Documented visual condition of vehicle at time of sale

6. Maintenance Records: Historical maintenance and service records of the vehicle

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Vehicle
Purchase Price
Completion Date
Deposit
Effective Date
Encumbrance
Registration Documents
Technical Inspection Certificate
Transfer Documents
Vehicle Identification Number (VIN)
Warranties
Seller
Buyer
Payment Terms
Registration Authority
SASO Standards
Technical Specifications
Transfer of Ownership
Value Added Tax
Vehicle Documentation
Vehicle History
Completion
Delivery Date
Force Majeure
Governing Law
Insurance Certificate
Intellectual Property Rights
Liabilities
Maintenance Records
Operating Manual
Party/Parties
Registration Fees
Regulatory Requirements
Saudi Traffic Law
Title Documents
Clauses
Recitals
Definitions
Sale and Purchase
Purchase Price
Payment Terms
Vehicle Description
Title and Ownership
Warranties and Representations
Vehicle Inspection
Transfer of Ownership
Registration Requirements
Delivery
Insurance
Risk and Liability
Seller's Obligations
Buyer's Obligations
Condition of Vehicle
Documentation
Compliance with Laws
Technical Standards
VAT and Taxation
Force Majeure
Termination
Dispute Resolution
Governing Law
Entire Agreement
Severability
Assignment
Notices
Amendments
Language
Costs and Expenses
Relevant Industries

Automotive

Transportation

Fleet Management

Retail

Financial Services

Insurance

Logistics

Car Rental

Vehicle Leasing

Manufacturing

Relevant Teams

Legal

Procurement

Sales

Operations

Finance

Compliance

Risk Management

Administrative

Fleet Operations

Contract Management

Relevant Roles

Fleet Manager

Procurement Manager

Sales Manager

Legal Counsel

Compliance Officer

Contract Administrator

Vehicle Sales Representative

Business Development Manager

Operations Manager

Risk Manager

Finance Manager

Automotive Division Head

Administrative Officer

Vehicle Documentation Specialist

Industries
Saudi Traffic Law (Royal Decree No. M/85): Governs vehicle registration, transfer of ownership, and technical specifications requirements for vehicles in Saudi Arabia
Commercial Courts Law (Royal Decree No. M/93): Regulates commercial transactions and provides framework for resolving commercial disputes, including vehicle sales contracts
SASO Technical Regulations: Specifies technical standards and requirements for vehicles, including safety specifications and environmental requirements
Anti-Commercial Fraud Law (Royal Decree No. M/19): Governs disclosure requirements, warranties, and protections against fraudulent sales practices
Islamic Law (Sharia) Principles: Fundamental principles governing contracts and commercial transactions, including concepts of good faith, fair dealing, and prohibited practices
Value Added Tax Law: Regulates VAT applications on vehicle sales transactions (15% as of current regulations)
Consumer Protection Law (Royal Decree No. M/75): Protects consumer rights in transactions, including vehicle purchases, warranties, and after-sale services
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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