THIS AGREEMENT is made the day of XXXX
BETWEEN:
(1) XXXXXXX (KENYA) LIMITED a
limited liability company incorporated in the Republic of Kenya whose postal
address is care of Post Office Box Number XXXXXX, Nairobi aforesaid (the “Seller” which expression shall where
the context so admits include its successors and assigns) of the one part; and
(2) ___________________________
of Post Office Box Number ________, Nairobi, aforesaid (the “Buyer” which expression shall where the
context so admits include his personal representatives and assigns) of the
other part.
WHEREAS:
A. The Seller is the owner in its own name of
a motor vehicle (the “Vehicle") the details of which are as
follows:
Make : ______________
Model / Type : ______________
Registration Mark : ______________
Date of First Registration : ______________
Chassis Number : ______________
Engine Number : _____________
Colour : _____________
B. The Vehicle was imported into Kenya by the Seller sometime in ________ and all duties including Customs Duty,
Vehicle Excise Duty and VAT for the import of the Vehicle were paid in full at
that time.
C. The Buyer is an employee of the Seller.
D. The Vehicle is presently being used by the
Buyer in his everyday duties under the employ of the Seller.
E. At the request of the Buyer the Seller has
agreed to sell and the Buyer has agreed to buy the Vehicle on the following
terms and conditions.
NOW IT IS HEREBY AGREED as
follows:
1. 1.1. The Seller
will sell and the Buyer will buy the Vehicle for the total aggregate
sum of Kenya Shillings
__________ (KShs. ______) (the “Purchase Price”);
1.2
The Purchase Price shall be payable by the Buyer over a period of five
(5) years in equal monthly instalments of Kenya Shillings ____________ (KShs.
_______).
1.3 The monthly instalments shall be
deducted from the Buyer’s monthly salary by the Seller until the Purchase Price
has been fully discharged and the Buyer hereby authorises the Seller to do so.
2. The parties hereby expressly agree that
the Vehicle shall remain the property of the Seller until the payment of the
Purchase Price in full by the Buyer.
3. 3.1 Should
the Buyer’s employment with the Seller determine anytime after the
commencement of this
Agreement but prior to the Buyer discharging the full Purchase Price the Buyer
hereby agrees to immediately discharge the remainder of the Purchase Price
unpaid at the date of such determination.
3.2 Should the Buyer be unable to
discharge the total amount outstanding at the date of the determination of his
employment with the Seller as aforesaid the Buyer hereby agrees that the Seller
will have the right to repossess and resell the Vehicle at the prevailing
market price.
3.3 In the event the net proceeds of the
resale of the Vehicle pursuant to clause 3.2 exceeds the balance of the total
Purchase Price remaining payable to the Seller hereunder the excess shall be
paid to the Buyer.
4. In the event that the Seller exercises
its right of resale under clause 3.2 the Buyer shall pay to the Seller interest
on the amount overdue at the prevailing market rate until payment in full of
the outstanding amount such interest to accrue from day to day.
5. The parties agree that the Vehicle’s
logbook shall be retained at all times by the Seller until the Purchase Price
has been paid in full by the Buyer and the Vehicle shall be registered in the
name of the Seller.
6. Until the completion of the purchase of
the Vehicle the Seller shall maintain insure and meet all expenses relating to
the Vehicle.
7. The completion date for the purchase
shall be five (5) years from the date of this Agreement or such other date as
may be agreed by the parties in writing (the “Completion Date”).
8. With effect from the Completion Date, the
Seller will cancel all insurances taken out by it in relation to the Vehicle
and the Buyer will then be responsible for insuring the car in his name and the
liability, risk and responsibility shall transfer to the Buyer from the date
thereof.
2.
9.1 Upon receipt of the
entire sum due as the Purchase Price of the Vehicle the
Seller shall deliver to the
Buyer the logbook of the Vehicle together with the Transfer duly signed to
enable title to transfer to Buyer.
9.2 For the avoidance of doubt the date of
transfer of the Vehicle from the Seller to the Buyer will be the Completion
Date and not the date of this Agreement.
10. The Buyer has inspected the Vehicle and has
notice of its actual state and condition and takes it as is and subject
thereto.
11. Any representation or warranty whatsoever
as to the condition of the Vehicle or its fitness for any purpose is expressly
excluded.
IN WITNESS whereof the parties hereto
have duly executed this Agreement the day and year first hereinabove written.
SIGNED by ___________________________ )
for and on
behalf of the XXXXXX )
(KENYA)
LIMITED in
the presence of: )
)
)
)
)
)
SIGNED by _________________________
)
in the
presence of: )
)
)
)
)
)
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