The Vehicle Agreement Between Two Parties is a crucial legal document used in Nigeria for documenting and formalizing the sale and transfer of a vehicle between a seller and buyer. This agreement is essential for both private and commercial vehicle transactions, ensuring compliance with Nigerian federal regulations, including the Federal Road Safety Commission requirements and National Automotive Council guidelines. The document should be used whenever a vehicle ownership transfer occurs, whether between individuals, companies, or a combination thereof. It includes comprehensive details about the vehicle, parties involved, financial terms, warranties, and legal obligations. The agreement serves as official documentation for registration purposes and provides legal protection for both parties in case of future disputes. It is particularly important in the Nigerian context where proper documentation of vehicle transfers is crucial for regulatory compliance and prevention of fraudulent transactions.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and contact information
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, color, and current mileage
5. Purchase Price and Payment: Details of the purchase price, payment terms, and method of payment
6. Transfer of Ownership: Terms regarding the transfer of vehicle ownership and required documentation
7. Seller's Representations and Warranties: Seller's declarations about the vehicle's condition, ownership, and legal status
8. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition
9. Registration and Documentation: Requirements for vehicle registration transfer and necessary documentation
10. Risk and Insurance: Transfer of risk and insurance requirements
11. Governing Law: Specification of Nigerian law as governing law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Financing Terms: Include when the purchase involves financing or installment payments
2. Condition Report: Detailed description of vehicle condition, recommended for used vehicles
3. Maintenance History: Include when transferring maintenance records and service history
4. Special Conditions: Any special terms or conditions specific to the transaction
5. Dispute Resolution: Detailed dispute resolution procedures beyond standard court jurisdiction
6. Trade-in Details: Include when the transaction involves a trade-in vehicle
7. Security Interest: Include when there is a lien or security interest on the vehicle
8. Delivery Terms: Include when vehicle delivery arrangements are complex or delayed
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Vehicle Condition Report: Comprehensive inspection report and noted defects or damage
3. Schedule C - Payment Schedule: Detailed payment terms and installment schedule if applicable
4. Schedule D - Required Documentation: List of all required documents for transfer of ownership
5. Appendix 1 - Vehicle Photos: Dated photographs of the vehicle showing condition and features
6. Appendix 2 - Service History: Copies of service records and maintenance history
7. Appendix 3 - Registration Documents: Copies of current registration and relevant certificates
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