The Commercial Vehicle Rental Agreement is essential for businesses in Singapore requiring temporary use of commercial vehicles without the commitment of purchase. This document is particularly relevant given Singapore's strict vehicle ownership regulations and high cost of vehicle ownership. The agreement ensures compliance with Singapore's transportation laws, including the Road Traffic Act and LTA regulations, while protecting both lessor and lessee interests. It covers crucial aspects such as vehicle specifications, rental duration, payment terms, maintenance responsibilities, insurance requirements, and liability allocation. This agreement is commonly used for both short-term and long-term commercial vehicle rentals, providing flexibility for businesses while ensuring regulatory compliance.
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1. Parties: Identification and details of the lessor and lessee including company registration numbers, registered addresses and authorized representatives
2. Background: Context of the agreement and brief description of the commercial relationship between parties
3. Definitions: Key terms used tHRoughout the agreement including Vehicle, Rental Period, Authorized Drivers, etc.
4. Vehicle Description: Detailed specification of the vehicle(s) being rented including make, model, registration number, and condition
5. Rental Period: Duration of the rental agreement, including start and end dates, extension provisions and notice requirements
6. Rental Charges: Payment terms, rates, deposits, additional charges and payment schedule
7. Insurance Requirements: MaNDAtory insurance coverage, liability provisions and indemnification requirements under Singapore law
8. Maintenance and Repairs: Responsibilities for vehicle maintenance, repair procedures and cost allocation
9. Use of Vehicle: Permitted use, territorial limits, and restrictions on vehicle usage
10. Lessee Obligations: Specific responsibilities of the lessee including compliance with traffic laws and vehicle care
11. Lessor Obligations: Specific responsibilities of the lessor including vehicle condition and maintenance standards
12. Termination: Conditions and procedures for early termination, default scenarios and consequences
13. Governing Law: Specification of Singapore law as governing law and jurisdiction for disputes
1. Multiple Vehicle Provisions: Additional terms for fleet rentals including fleet management requirements and bulk pricing
2. Driver Requirements: Specific driver qualification, training requirements and verification procedures
3. International Use: Terms for cross-border vehicle use including additional permits and insurance requirements
4. Fuel Policy: Specific arrangements for fuel payment and refueling requirements
5. GPS Tracking: Terms related to vehicle tracking systems and data collection
1. Schedule 1 - Vehicle Specification: Detailed technical specifications of the vehicle(s) including photographs and condition report
2. Schedule 2 - Pricing Schedule: Detailed breakdown of rental rates, deposits, and additional charges
3. Schedule 3 - Insurance Schedule: Details of insurance coverage, policies and claim procedures
4. Schedule 4 - Maintenance Schedule: Required maintenance intervals, procedures and service centers
5. Schedule 5 - Authorized Drivers: List of authorized drivers, their qualifications and copies of driving licenses
6. Schedule 6 - Vehicle Handover Form: Checklist for vehicle condition at delivery and return
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