1. What is a Vehicle Lease agreement?
The vehicle Lease agreement is a form of lease agreement whereby any person acting as a lessee can take on lease/hire any vehicle for any purpose from the lessor based on the terms and conditions as mentioned in the agreement. This vehicle lease agreement will educate you with respect to the clause that should be there in such types of agreements which may include the obligations of the parties, the scope of the agreement, payment method, eligibility criteria, circumstances under which the vehicle cannot be leased, and other miscellaneous aspects.
2. Why is it Important?
a. It creates a binding obligation between the lessor and lessee.
b. With the execution of the agreement, a binding contractual relationship is formed between the parties which helps at the time of any disputes that may arise in the future.
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