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A Motor Vehicle Lease Agreement, also known as a Motor Vehicle Rental Agreement, is a contract entered into by 2 (two) parties whereby the owner of the vehicle or vehicles, called the Lessor, leases the same to another called the Lessee for a rental fee.
A vehicle that is being leased under this agreement refers to cars, trucks, and motorcycles, or those motor vehicles that are registered with the Land Transportation Office with a corresponding plate number or the number identifying the vehicle.
This agreement sets forth in writing the rights and obligations of the parties to clearly lay down the expectations between the parties and prevent misunderstandings.
For the lease of real property, a Residential Lease Agreement, if the lease is for residential purposes, or a Commercial Lease Agreement, if the lease is for commercial purposes should be used. For the lease or rent of goods, a Rental of Goods Agreement should be used.
How to use this document
A Motor Vehicle Lease Agreement contains all the essential terms and conditions including the identity of the vehicle or vehicles to be leased, personal and other relevant information of the parties who may either be individual persons or companies, the duration of the agreement, relevant dates, details for the return and delivery of the motor vehicle, insurance coverage, the purpose and restrictions of the lease, and the other services and arrangements that may be included in the agreement. Once completed, the document should be printed with at least 3 (three) copies and then the parties must sign the same.
If the parties want to acknowledge the same before a notary public they may do so. In this case, the parties must present themselves to the notary public with all the copies of the same and swear to the truthfulness of its contents. The notary public will then keep one copy and the two (2) other copies will be kept by the parties, one for each.
Motor Vehicle Lease Agreements in the Philippines are subject to the provisions of the Civil Code of the Philippines specifically the provisions on lease. This agreement may also be governed by the 2004 Rules on Notarial Practice. It should also be noted that making untruthful statements in a notarized deed may be punishable under the Revised Penal Code of the Philippines.
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Other names for the document: Vehicle Lease Agreement, Car Rental, Motor Vehicle Rental, Truck Rental, Motorcycle Rental