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The Joint Car Ownership Agreement is designed for situations where multiple parties wish to share the ownership and associated costs of a vehicle in Singapore. This arrangement has become increasingly popular due to high vehicle ownership costs in Singapore, including COE prices. The agreement ensures clear documentation of ownership rights, financial obligations, and usage arrangements while complying with Singapore's stringent vehicle ownership regulations. It provides a framework for managing shared vehicle ownership, including maintenance responsibilities, insurance requirements, and procedures for resolving disputes or terminating the arrangement.
