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This Contract Vehicle Leasing agreement is designed for use in India when establishing a formal vehicle leasing arrangement between a lessor (typically a leasing company or financial institution) and a lessee (either a corporate entity or individual). The document is structured to comply with Indian legal requirements, including the Indian Contract Act, 1872, Motor Vehicles Act, 1988, and relevant financial regulations. It is particularly useful for businesses seeking to lease vehicles for their operations without the capital investment of purchase, or for leasing companies establishing their service terms. The agreement covers crucial aspects such as lease terms, payment schedules, maintenance responsibilities, insurance requirements, and vehicle return conditions, while incorporating necessary provisions for regulatory compliance in the Indian jurisdiction.

1. Parties: Identification of lessor and lessee with complete details including registration numbers, addresses, and authorized representatives

2. Background: Context of the agreement and brief description of the business relationship

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

4. Vehicle Details: Specific information about the leased vehicle(s) including make, model, year, and identification numbers

5. Lease Term and Payments: Duration of lease, payment schedule, security deposit, and other financial terms

6. Delivery and Acceptance: Terms regarding vehicle delivery, condition at delivery, and acceptance procedures

7. Use of Vehicle: Permitted uses, territorial limits, and usage restrictions

8. Maintenance and Repairs: Responsibilities for vehicle maintenance, repair procedures, and cost allocation

9. Insurance Requirements: Mandatory insurance coverage, responsibility for premiums, and claims procedures

10. Registration and Compliance: Obligations regarding vehicle registration, permits, and regulatory compliance

11. Return Conditions: Requirements for vehicle condition upon return, wear and tear standards

12. Default and Termination: Events of default, remedies, and termination procedures

13. Indemnification: Mutual indemnification obligations and liability limitations

14. Governing Law and Dispute Resolution: Applicable law and procedures for resolving disputes

15. Notices: Process and addresses for formal communications between parties

16. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability