The Leased Vehicle Model Agreement is an legal agreement made when the owner of the vehicle agrees to lease the said vehicle to another person or organization for the reasons mentioned in this agreement. By signing this agreement both the parties agree to abide by the terms mentioned in the agreement. This template is provided as a basic format and Not all sections mentioned in this agreement would be applicable to your situation. You may have to Modify it to meet your requirements. You may also want to let an attorney or lawyer review this agreement before you sign it for avoiding future disputes.
Vehicle lease agreement is used when any individual wishes to lease their vehicle out for a fixed period of time at a fixed amount. It is a method of acquiring a vehicle without having to purchase them. In other words, it is a documented proof that the owner of the given vehicle willingly wishes to lease the vehicle to the given applicant at a fixed amount and period. The term of the lease may vary depending on the requirement and mutual decision of both the parties.
A vehicle lease agreement acts as a legal document and can be also used in the court of law as evidence. A vehicle lease agreement generally contains the full and legal names of both the parties along with their complete address and contact details, the complete description of the given vehicle for identification purposes (if required), the rental amount that was mutually agreed, the security deposit, the lease term duration, the terms, conditions and the responsibilities, a declaration acknowledging the same, signatures of both the parties, etc. This agreement is a generalized template and can / may differ from state to state and individual requirements.