VEHICLE SALES AGREEMENT
THIS VEHICLE SALES AGREEMENT is made on 11th of August 2021, by V. SATHISHKUMAR
(Aadhaar Number: ), (hereinafter known as "Seller"), son of
S.P.VARADHARAJAN residing at
, and S. CHANDRAN (Aadhaar Number: )
(hereinafter known as "Buyer"), son of SANKARAN residing at
. Buyer and Seller
shall collectively be known herein as "the Parties".
BACKGROUND
WHEREAS, Seller desires to sell the vehicle described below, known herein as the "Acquired Vehicle",
under the terms and conditions set forth below;
WHEREAS, Buyer desires to purchase the Acquired Vehicle offered for sale by Seller under the terms
and conditions set forth below; and, therefore,
TERMS AND CONDITIONS
IN CONSIDERATION of the mutual promises and other valuable consideration exchanged by the Parties
as set forth herein, the Parties, intending to be legally bound, hereby agree as follows:
A. Description of Acquired Vehicle.
1. Model : TOYOTA GLANZA G [MT]
2. Color : INSTA BLUE
3. Manufactured in : 2020
4. Registration Number : TN 33 BT 6574
5. Registration Date : 18-FEBRUARY-2020
6. Engine Number : K12MN7543612
7. Chassis Number : MBHGWB22SLA433759
8. Mileage at Delivery : 11287 Kms
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B. Consideration.
1. Purchase Price. The total purchase price to be paid by Buyer to Seller for the Acquired Vehicle is
Seven Lakh and Twenty-Eight Thousand Indian Rupees (Rs.7,28,000/-) (hereinafter "Purchase
Price") consisting of the following components:
a. Down-payment: Rs.5000/- (Due to Seller on or before execution of this agreement.)
b. Payment Due at Delivery of Vehicle to Buyer: Rs. 7,23,000/-
• Terms and Conditions regarding consideration:
Since the loan amount against the car has not been paid by the seller to its current financier
(Toyota Financial Services India Ltd) completely till date,
a) If the outstanding loan amount is greater than or equal to Rs. 7,23,000/-,
i) As a gesture of payment towards the purchase of the vehicle, an amount of
Rs.7,23,000/- to be transferred by Mr. S.CHANDRAN to the account of TOYOTA
FINANCIAL SERVICES INDIA Ltd (Account Number: 1492NERD1182857 ; IFSC
CODE: HSBC0560002 ; Bank: HSBC CURRENT ; Branch: Bangalore) on the date 11-
August-2021. Balance amount of money if any, required to close the loan account will
be paid by the seller on the same date.
b) If the outstanding loan amount is less than Rs. 7,23,000/-,
i) As a gesture of payment towards the purchase of the vehicle, an amount equal to the
outstanding loan amount will be transferred by Mr. S.CHANDRAN to the account of
TOYOTA FINANCIAL SERVICES INDIA Ltd (Account Number:
1492NERD1182857 ; IFSC CODE: HSBC0560002 ; Bank: HSBC CURRENT ;
Branch: Bangalore), on the date 11-August-2021. The rest of the amount (difference
between Rs. 7,23,000 and the outstanding loan amount) will be paid by the buyer to the
seller personally through cash/cheque as per mutual understanding on the same date.
• Upon the receipt of No Objection Letter (or any other equivalent document required for the
removal of hypothecation from registration certificate) from Toyota Financial Services India Ltd,
the seller is obliged to notify the buyer about the same, and the process of transfer of ownership
is to be initiated.
C. Delivery of Acquired Vehicle and Conveyance of Title
1. Delivery of Acquired Vehicle. Seller shall deliver the Acquired Vehicle, and Buyer shall take
possession of same, at Seller's premises (either in person or through a third party) on or before
11-August-2021 ("Delivery Date"). The seller has agreed to sell and transfer the vehicle described
in to the buyer by handing over Original RC, Insurance, Valid PUC Certificate, All Original Keys,
Bank Documents and any other documents pertaining to the transfer of the car with signed RTO
Forms. The seller understands that he transfers the sole right of ownership of the motor vehicle
referred in to the buyer to be used at sole discretion of buyer at his or her own will. If delivery is to
be made at a date after the execution of this contract, it is Seller's duty to ensure that the Acquired
Vehicle is delivered in the same condition as when last inspected by the Buyer (or, if no Buyer
inspection, the execution date of this agreement). It is Buyer's duty, either in person or through a
third party to appear at Seller's premises during standard business hours on or before the Delivery
Date to remove the Acquired Vehicle from Seller's premises. However, if Buyer fails to appear at
Seller's premiseson or before the Delivery Date to accept possession of the Acquired Vehicle, then
risk of loss passes to the Buyer on the Delivery Date.
2. Conveyance of Title. Seller shall convey title to Buyer upon delivery of the vehicle to Buyer. Seller
agrees and covenants to execute all documents presented by Buyer which are necessary to finalize
transfer of title and registration upon the Acquired Vehicle to Buyer.
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D. Representations, Warranties, and Disclosures
1. Odometer Declaration. Seller hereby states that the odometer in the Acquired Vehicle now reads
11287 Kms and to the best of Seller's knowledge, it reflects the actual mileage of the vehicle
described herein.
2. Buyer Representation. The individual signing this agreement on behalf of Buyer hereby represents
to Seller that he or she has the power and authority to do so on behalf of Buyer.
E. Continuation of Representations and Warranties.
All representations and warranties contained in this Agreement (if any) shall continue in full force
and effect after execution of this agreement. If either party later learns that a warranty or
representation that it made is untrue, it is under a duty to promptly disclose this information to the
other party in writing. No representation or warranty contained herein shall be deemed to have been
waived or impaired by any investigation made by or knowledge of the other party to this
Agreement.
F. Indemnification of Attorney’s Fees and out-of-pocket costs.
Should any party materially breach this agreement (including representations and warranties made
to the other side), the non-breaching party shall be indemnified by the breaching party for its
reasonable attorney’s fees and out-of-pocket costs which in any way relate to, or were precipitated
by, the breach of this contract (including the breach of representations or warranties).This provision
shall not limit in any way the remedies either party may have otherwise possessed in law or equity
relative to a breach of this contract. The term "out-of-pocket costs", as used inthis contract, shall
not include lost profits.
G. Integration.
This Agreement, including the attachments mentioned in the body as incorporated by reference,
sets forth the entire agreement between the Parties with regard to the subject matter hereof. All
prior agreements, representations and warranties, express or implied, oral or written, with respect
to the subject matter hereof, are hereby superseded by this agreement. This is an integrated
agreement.
H. Severability.
In the event any provision of this Agreement is deemed to be void, invalid, or unenforceable, that
provision shall be severed from the remainder of this Agreement so as not to cause the invalidity
or unenforceability of the remainder of this Agreement. All remaining provisions of this agreement
shall then continue in full force and effect. If any provision shall be deemed invaliddue to its
scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth
permitted by law.
I. Modification.
Unless otherwise provided in this document, this agreement may be modified, superseded, or
voided only upon the written and signed agreement of the Parties. Further, the physical destruction
or loss of this document shall not be construed as a modification or termination of the agreement
contained herein.
J. Acknowledgements.
Each party acknowledges that he or she has had an adequate opportunity to read and study this
Agreement, to consider it, to consult with attorneys if he or she has so desired.
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K. Exclusive Jurisdiction for Suit in Case of Breach.
The Parties, by entering into this agreement, submit to jurisdiction in ERODE, TAMILNADU
for adjudication of any disputes and/or claims between the parties under this agreement.
Furthermore, the parties hereby agree that the courts of ERODE, TAMILNADU shall have
exclusive jurisdiction over any disputes between the parties relative to this agreement, whether said
disputes sound in contract, tort, or other areas of the law.
L. State Law.
This Agreement shall be interpreted under, and governed by, the laws of the state of
TAMILNADU, India. IN WITNESS WHEREOF and acknowledging acceptance and agreement
of the foregoing, Seller and Buyer affix their signatures hereto.
SELLER BUYER
Dated: 11-August-2020 Dated: 11-August-2020
WITNESS-1 WITNESS-2
Dated: 11-August-2020 Dated: 11-August-2020
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