Other documents that the buyer should receive from the seller when buying a bike are shown below. 3- That I have today, that is, the _____at – the physical possession/delivery of this vehicle to the buyer quoted. Contracting parties may include the compromise clause in this agreement. As part of the arbitration process, any dispute, if any arises between the parties, is referred to a third party (“arbitrator”) who is designated with each other by both parties. The arbitrator will hear from both parties and decide on the merits of the case. The arbitrator`s decision is final and binding on both parties. The vehicle sales contract helps avoid litigation over the sale of the vehicle in the future. Important details about the vehicle can be included in this agreement. To be a valid contract, both the seller and the buyer must correctly sign this agreement with the witnesses and execute it on a valid stamp document, as applicable in the state of execution of the agreement. The bike must have a valid insurance certificate for the duration of the sale. Once the ownership of the bike is changed to the owner`s name, make sure they also change the owner`s name in the insurance certificate. This can be done through a written application with the insurance company.
When the insurance expires, the new owner must pay the fine for the time without the insurance, so that the vehicle is insured. The deed of transfer is the certificate that the seller should possess in order not to have legal debts in the future on the bike. 2 original copies (no photos) of the deed transfer must be taken. The engine number, chassis number and registration number must be written on it. The sales stamps must be glued to them and signed by the buyer. Buyers and sellers should own the forms. Make sure the RC book is correct and that the engine and chassis number printed in the book matches the bike`s number. Similarly, the owner`s name must be correct, once the sale is made through the RTO office, the owner`s name is changed to the name of the new buyer.
The contract for the sale of vehicles is different from the sales bill. Bill of Sale is a document that is executed at the time of the actual delivery of the vehicle. On the other hand, the vehicle sales contract is an agreement between the parties before the actual delivery of the vehicle. Even though this certificate is mandatory for vehicles over six months old, unlike insurance certificate buyers do not have to pay the penalty for cycling time do not have the certificate. Therefore, if the seller does not have one, the buyer may have another one as soon as he has possession of the bike. Take the expression of these forms and let it be duly completed and signed.