Auto Sales Contract With Payments Template for India

The Auto Sales Contract With Payments is a crucial document used in India for vehicle purchases where the buyer opts to pay the purchase price in installments rather than a single payment. This agreement is designed to comply with Indian legislative requirements, including the Motor Vehicles Act 1988, Sale of Goods Act 1930, and RBI guidelines on auto financing. It is commonly used by automotive dealers, companies, and individuals to document vehicle sales transactions with payment plans. The contract includes essential details about the vehicle, parties involved, payment terms, warranties, and obligations, while ensuring proper transfer of ownership and registration under Indian law. It protects both buyer and seller interests by clearly defining payment schedules, default consequences, and remedies available under Indian jurisdiction.

1. Parties: Identification of the seller and buyer with complete details including name, address, and contact information

2. Background: Brief context of the transaction and the parties' intentions

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

4. Vehicle Description: Detailed description of the vehicle being sold including make, model, year, VIN, color, and current odometer reading

5. Purchase Price and Payment Terms: Total purchase price, payment schedule, installment amounts, and payment methods

6. Delivery and Transfer of Title: Terms regarding vehicle delivery, transfer of ownership, and registration requirements

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

8. Buyer's Obligations: Buyer's responsibilities including timely payments, insurance, and maintenance requirements

9. Default and Remedies: Consequences of payment default and available legal remedies

10. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities

11. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

12. Notices: Method and addresses for formal communications between parties

13. Entire Agreement: Standard clause confirming this document as the complete agreement between parties