H 15.11-Car Lease Scheme Policy010316 - SGPL PDF

SEMBCORP GAYATRI POWER LIMITED
Title :
Car Lease Scheme/ Vehicle Usage Policy
Authority
Prepared by:
Reviewed by:
K. Sridhar
Ch.D.Shanker
Prasad
Head Human
Resources
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Approved by
SMC/CEO:
(if applicable)
Approved by
Board:
(if applicable)
Signature & Date

Name:
Designation:
1.
Deputy General
Manager
Human Resources
Atul Nargund
CEO- SGPL
PURPOSE
1.1
The policy aims to provide the facility of car on lease to identified & approved
employees in Key Roles of the Company and to other employees in managerial positions
based on the discretion of management.
2.
SCOPE
2.1
This policy extends to all the identified & approved Key Executives of the Company and
to other employees in managerial positions based on the discretion of management. It
is deemed to be incorporated in their service conditions and comes into effect
immediately from 1st March 2016.
This document is the property of SGPL. Neither whole nor any part of the document shall be disclosed,
produced, transmitted in any form or by any means without the prior written consent of the owner.
Title :
3.
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ELIGIBILITY AND APPLICABILITY
3.1
All the identified & approved Key Executives of the Company and other employees in
managerial positions based on the discretion of management are eligible for this
scheme.
3.2
Employees in Managerial Positions can opt for the Company Car Lease Scheme with
payment of applicable EMI as a part of their Choice Pay from overall remuneration
package as per the following grade wise limits for value of the Car.
Grade
M1
M2
M3
M4
M5
M6
G1
3.3
Price Cap (On Road Price)

6 months CTC or Rs.7 lacs whichever is lower
Employee has the option to choose a car of his choice which will be provided by the
third party company based upon the above eligibility.
4.
POLICY
4.1
The company shall offer a Car Lease facility, for a period of four years, through a third
party leasing company decided by the management. Employee shall execute the Car
lease agreement.
4.2
The monthly lease amount payable to the leasing company shall be recovered from
employee and paid by the Company out of the Choice pay component of CTC.
4.3
The monthly lease amount payable by the employee, depends upon the type of vehicle
& shall include Rentals as per Car Leasing Company norms
Insurance
Title :
5.
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4.4
Identified & Approved Key Executives ( Grade M4 and above ) of the Company as per
Annexure 1 & 2 are eligible for reimbursement of actual expenses towards Fuel
Expenses, Vehicle Maintenance and Driver Salary in addition to their CTC within
approved limits upon submission of bills. This reimbursement is applicable to both
leased or employee owned vehicle. All applicable taxes, if any, shall be borne by the
employee.
4.5
Identified & Approved Key Executives ( Grade M4 and above ) of the Company as per
Annexure 1 & 2 shall have the option to use more than one vehicle in case of leased or
employee owned vehicle but can claim reimbursement only within the overall monthly
ceiling limit of reimbursement as specified in Annexure 1 & 2. This shall take care of any
vehicle breakdown/vehicle service etc. issue and the consequent use of alternate
vehicle by the employee. The employee also has an option to hire a vehicle for few days
and get reimbursed within the overall limit for reasons mentioned above.
PROCEDURE
5.1
Employees will be entering into a Tripartite agreement (Annexure 3 & 4) as the CoLessee with the car leasing company (Lessor) and SGPL (Lessee). The vehicle would be
Registered in the name of the employee (Co-Lessee). However, the vehicle shall at all
times remain the property of the Lessor.
5.2
Employees will also enter into an agreement (Annexure 5) with SGPL for fulfilling their
obligations as per the above mentioned tripartite agreement and thereby indemnifying
SGPL against any/ all liabilities arising out of execution of the tripartite agreement. As a
security for due observance and performance of the terms of the tripartite agreement
and other obligation incidental thereto, the employee shall issue a post dated cheque in
the name of Lessee (SGPL) as mentioned in annexure as collateral security for
Payment of installments by the Lessee to the Lessor

Obligations that may arise against Lessee due to pre-closure of agreement
The Lessee shall recover the above mentioned amounts from the Co-Lessee by
presenting the post dated cheque.
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5.3
The lease gives the right to the employee (Co-Lessee) to use the vehicle, excluding the
right to sell, alienate, transfer, charge, hypothecate or otherwise encumber the Vehicle
during the Lease Term.
5.4
Car Lease Scheme for New Vehicle

At the time of entering into the agreement for a new vehicle, the employee must submit
the following documents to the Lessor
5.5
2 years IT returns or Form 16.

4 months Bank Statement from the account where his salary is getting
deposited.
4 months salary slips.
Self attested KYC documents of the employee.
Blank Transfer sets duly executed by the employee for the car.
4 Nos undated Security cheques- 3 towards rentals and 1 towards funding
amount.
Car Lease Scheme for Existing Vehicles

The scheme also allows employees to bring the existing vehicles under this scheme.
However, this will be at the sole discretion of the Lessor.
a. In case the vehicle is registered in the name of the Individual/Company with no
Hypothecation of Bank/NBFC :
Copy of the Smart Card/Registration Certificate of the car.
Insurance Policy of the car
Copy of the Dealer Invoice (Original Purchase Invoice)
A Valuation of the vehicle has to be done by a registered Car Valuer. Car Lease
Company will share the details of the valuer
Cost of the valuation amounting to a one time fee to be borne by the employee,
Invoice to be raised on Car Lease Company in the specified by the seller
Blank RTO transfer sets to be executed in the specified format
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Age of the car proposed to be refinanced should be within 24 to 30 months.
Lessor funding amount will be 90% of the Valuation Amount/Insurance Declared Value
whichever is less. Cheque to favor Registered Owner.
b. In case the vehicle is registered in the name of the Individual/Co with Hypothecation
of Bank/NBFC
Copy of the Smart Card/Regn Certificate
Insurance Policy
Copy of the Dealer Invoice (Original Purchase)
Foreclosure statement from Bank/NBFC
A Valuation of the vehicle has to be done by a registered car valuer
Invoice to be raised on Car Lease Company in the Specified Format
Blank RTO transfer sets to be executed in the Specified Format.
Age of the car proposed to be refinanced should be within 24 to 30 months.
Lessor funding amount will be 90% of the Valuation Amount/Insurance Declared

Value/Foreclosure Statement of Bank whichever is less. Cheque to favor Bank/NBFC.
c. Post Disbursement
i.
In case the vehicle is registered in the name of the Individual/Co with no
Hypothecation of Bank/NBFC
FORM 29 and 30 (in duplicate) to be signed by Seller/Registered Owner in

the capacity of Transferor,these same forms to be signed also by the
employee in the capacity of Transferee for transfer of the Registered
Owners name in favour of the employee.
Lessor will provide FORM 34 along with letter addressed to RTO for
incorporating their name as financier in the registration certificate.This
same form to be signed by individual employee for incorporating their name
as registered owner (Attached)
All the above documents along with the original Registration Certificate and
Insurance Policy has to be deposited with the RTO Authorities for necessary
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deletion and addition in the Registration Certificate.

Once the name transfer is done in the registration certificate the Insurance
Policy has to be changed also as appearing in the registration Certificate.
ii.
In case the vehicle is registered in the name of the Individual/Co with

Hypothecation of Bank/NBFC
FORM 29 and 30 (in duplicate ) to be signed by Seller/Registered Owner in

the capacity of Transferor, and these same forms to be signed by the
concerned employee in the capacity of Transferee.
Bank/NBFC to provide FORM 35 along with NOC letter addressed to RTO for
deletion of hypothecation in the Bank's favour.
Lessor will provide FORM 34 along with letter addressed to RTO for
incorporating our name as financier in the registration certificate.This same
forms to be signed by indidual employees for incorporating their name as
registered owner (Attached)
All the above documents along with the original Registration Certificate and
Insurance Policy has to be deposited with the RTO Authorities for necessary
deletion and addition in the Registration Certificate.
Once the name transfer is done in the registration certificate the Insurance
Policy has to be changed also as appearing in the registration Certificate.
The lessor will assist the employee during the whole process.
5.6
Commencement Date of Lease or Lease Commencement Date will be the date of the
delivery of Vehicle by the Lessor or the Supplier on behalf of the Lessor to the Lessee
and/or the Co-Lessee. The Lease facility proposed is Operating Lease without
maintenance and will be for a tenure of 4 years.
5.7
Then Rate of present applicable Interest would be @ 13.5 % plus applicable risk
Premium of Rs. 300 per month. The rate of interest may change as per terms of the
leasing company.
5.8
In case of Separation/ Resignation of the employee (Co-Lessee) the Lease will get
automatically transferred to the employee after a notice period of 7 days. SGPL will not
take any liability on account of the Lease and the rentals would be paid by the company
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till the date the employee is on the rolls of the company. There will be a risk Premium
payable of Rs. 300/- per month which will be added to the applicable Lease rental for
this facility of Automatic transfer. SGPL will hold back the release as well as the full and
final settlement amount net of Statutory dues of the concerned employee till NOC is
received from Lessor for the same. At the time of resignation/ separation the employee
needs to furnish the latest address proof and Post dated cheques to Lessor for the
remaining tenor of the Lease.
6.
5.9
There is an option to buy back the car by the employee (Co-Lessee) at the end of the
Lease tenure by paying Residual Value (RV) of the vehicle at 20 % of the funding amount
to the lessor in case of completion of Lease tenure of 48 months by the employee.
5.10
In case of Total Loss/ Theft the employee (Co-Lessee) would be liable to pay the
differential amount between Foreclosure value and amount received from the
Insurance Company.
REVISION HISTORY
REV NO
NIL
REVISION SUMMARY
NIL
EFFECTIVE DATE
NIL
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Annexure 1: Car Entitlement for Key Executives (Car Lease Scheme) Nellore Location
Position / Role ( Grade M4

and above level only)
Value of Car
(Rs.Lacs)
6 months CTC
or Rs.36.0 lacs
whichever is
lower
Site Director
Replacement
Period (Yrs)
EMI
Reimbursement of
Fuel Expenses,
Vehicle
Maintenance and
Driver Salary Annual Limit
Reimbursement of
Fuel Expenses,
Vehicle
Maintenance and
Driver Salary Monthly Limit
Rs.6,00,000/-
Rs.50,000/- or
actuals whichever is
lower
As
applicable
will be paid
from
employees
Choice
Payout of
the CTC
Plant Manager
6 months CTC
or Rs.24.0 lacs
whichever is
lower
Rs.4,80,000/-
Rs.40,000/- or
lower
HSE Director, Maintenance

Head, Operations Head,
Mech Head, Electrical Head,
C&I Head, HSE Head, Fire
Safety Head, Security Head,
Chemistry Head, CSR Head,
HR & Admin Head, P&C
Head, Engineering &
Technical Services Head,
QA&I Head
6 months CTC
or Rs.18.0 lacs
whichever is
lower
Rs.4,20,000/-
Rs.35,000/- or
lower
Conditions
Remarks
Reimbursement
towards Fuel
Expenses,
Vehicle
Maintenance
and Driver Salary
will be paid for
those who avail
car lease scheme
or those who
use their existing
vehicles for
commuting to
site & back and
for official use
locally at
Nellore. Those
who do not wish
to opt for Car
Lease Scheme or
for use of own
vehicle need to
commute by the
Company
transport.
Not applicable for

postees from SCU/ SCI
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Annexure 2: Car Entitlement for Key Executives (Car Lease Scheme) Hyderabad Location
Position / Role *
M4 and above
level only
Value of Car
(Rs.Lacs)
CEO
6 months CTC or
Rs.50.0 lacs
whichever is lower
CFO, CCO
6 months CTC or
Rs.24.0 lacs
whichever is lower
Head-IT,
Head-Finance,
Head-Shipping &
Logistics, CRO
6 months CTC or
Rs.18.0 lacs
whichever is lower
Replacement
Period (Yrs)
EMI
As
applicable
will be paid
from
employees
Choice
Payout of
the CTC
Reimbursement
of Fuel Expenses,
Vehicle
Maintenance and
Driver Salary Annual Limit
Reimbursement of
Fuel Expenses,
Vehicle
Maintenance and
Driver Salary Monthly Limit
Rs.6,00,000/-
Rs.50,000/- or
lower
Rs.4,80,000/-
Rs.40,000/- or
lower
Rs.4,20,000/-
Rs.35,000/- ora
ctuals whichever is
lower
Conditions
Remarks
Reimbursement
towards Fuel
Expenses, Vehicle
Maintenance and
Driver Salary will be
paid for those who
avail car lease
scheme or those who
use their existing
vehicles for
commuting to office
& back and for
official use locally at
Hyderabad.
Not applicable for

postees from SCU/ SCI
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Annexure 3: Tri Partite Lease Agreement (Vehicle)

TRI-PARTITE LEASE AGREEMENT (VEHICLE)
(Specimen Format)
This Tri-partite Lease Agreement (herein the "Agreement") is entered into on the date, place and between the parties mentioned
below:
Agreement No.
Agreement Date
:
:
Agreement Place :
Party No. 1
LESSOR Name
___________________________________
Registered Office
_____________________________
_____________________________
_____________________________
Party No.2
Party No.3
CIN
___________________________________
Branch Office at
___________________________________
___________________________________
Authorised Signatory
___________________________________
LESSEE Name
Registered Office at
____________________________________
CIN
____________________________________
Corporate Office at
____________________________________
Authorised Signatory
____________________________________
______________________________
CO-LESSEE
Name
Title :
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Address at
______________________________
Signature
_______________________________
The term the Lessor shall include its successors and

assigns.
The term Lessee being a body corporate shall include its
successors or permitted assigns; and a branch or any other
office of any entity including its head /registered/principal
office.
1.1.2
The Agreement, Tri-partite Lease

Agreement or this Agreement means
this Agreement entered into between
the Lessor, the Lessee and the CoLessee
1.1.3
Adequate Notice shall mean a

written notice received by the Lessor
from the Lessee minimum 7 days prior
to the last official working day of the
Co-Lessee with the Lessee, conforming
the termination of employment of the
Co-Lessee with the Lessee.
1.1.4
Commencement Date of Lease or

Lease Commencement Date means
the date of the delivery of Vehicle by
the Lessor or the Supplier on behalf of
the Lessor to the Lessee and/or the CoLessee from which the Lease Term for
the Vehicle shall commence as more
particularly stated in Schedule hereto.
1.1.5
Co-Lessee means the employee(s) of

the Lessee for whom the Lessee is
desirous of taking Vehicle on Lease
1.1.6
Due Date shall mean, in respect of

payment of Rental by the Lessee, the
dates as more particularly set out in the
Schedule and in respect of payment
other than Rental, shall mean the date
as specified in the debit note.
1.1.7
Event of Default means the default

caused by the Lessee /Co-Lessee and /
or the Lessor, as the case may be, in
performing their respective obligations
as stated in the Agreement and more
particularly described in Article 5.1
The Lessor, Lessee and the Co-Lessee are hereinafter

collectively referred to as Parties and individually as
Party.
WHEREAS:
The Lessor is engaged, among others, in the business of
providing Vehicles on Lease.
The Lessee is desirous of taking on Lease one or more
Vehicles (as defined below) for its own use / for the use of
the Co-Lessee
Upon the request of the Lessee, the Lessor is willing to
provide the Vehicle on Lease on the terms and conditions
hereinafter contained.
IT IS HEREBY AGREED BY AND BETWEEN THE
PARTIES HERETO AS FOLLOWS:
ARTICLE-1
1.1
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DEFINITIONS AND RULES OF

INTERPRETATION:
Definitions
Unless the context or meaning thereof otherwise
requires, the following expressions shall have the
meanings assigned to them hereunder:
1.1.1
The Act shall mean the Motor Vehicles

Act, 1988 ( 59 of 1988)
Title :
1.1.8
Insurance in relation to the Vehicle

means the comprehensive insurance
covering all risks which shall include:
(a) loss or damage against Natural
Calamities such as fire, explosion,
self-ignition or lightning, earthquake,
flood, typhoon, hurricane, storm,
tempest,
inundation,
cyclone,
hailstorm, frost, landslide, rockslide;
(b) loss or damage against man-made
calamities such as burglary, theft, riot,
strike, malicious act, accident by
external means, terrorist activity, any
damage in transit by road, rail, inland
waterway, lift, elevator or air;
(c) personal accident cover for the
individual driver of the vehicle while
traveling, mounting or dismounting
from the car. Optional personal
accident covers for co-passengers;
(d) third party liability, bodily injury and
death and limited liability for third party
property damage.
1.1.9
Insurer shall mean the Company duly

registered with Insurance Regulatory
Development Authority and engaged in
the business of providing general
insurance i.e. insurance other than life
insurance
1.1.10
Insurance Policy shall mean the

document issued by Insurer evidencing
fact of Insurance of the Vehicle and its
validity and terms of Insurance mentioned
in the said document
1.1.11
Lease shall mean granting of right to

use the Vehicle to the Lessee and / or the
Co-Lessee excluding right to sell, alienate,
transfer, charge, hypothecate or otherwise
encumber the Vehicle during the Lease
Term
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1.1.12
Lease Term means the period, as

specified in the Schedule, for which the
Vehicle will be given on Lease to the
Lessee. The Lease Term shall
commence
from
the
Lease
Commencement Date.
1.1.13
Manufacturer means the manufacturer

of the Vehicle.
1.1.14
Manufacturer Manual means and

includes the manual issued by the
manufacturer of the Vehicle indicating
terms of usage of the Vehicle.
1.1.15
Novation Certificate means an

executed certificate in the form as
shown in Schedule [1] and in the
manner as provided for under Article
19.
1.1.16
Obligor or Obligors means the

Lessee or the Co-Lessee or both as the
context may require.
1.1.17
Party means a party hereto.
1.1.18
Premature Termination means end of

the Lease Term of Vehicle(s) prior to
last day of Lease Term due to reasons
specified in Article 2.12 written
hereunder
1.1.19
Premature Termination Amount shall

mean the amount as indicated in the
Schedule to be paid by the Lessee to
the Lessor due to Premature
Termination of Lease
1.1.20
Rental or Lease Rental means the

consideration payable by the Lessee,
during the Lease Term, by way of rent
for the use of the Vehicle during Lease
Term.
1.1.21
Schedule means the schedule to be

made between the Lessor, the Lessee
and the Co-Lessee, which shall be
Title :
annexed to the Agreement(s) and which
shall specify the details with respect to the
Vehicle and other terms and conditions of
the Lease
1.1.23
1.1.24
Shorter Notice shall mean a written

notice which is received by the Lessor
from the Lessee less than 7 days prior to
last official working day of the Co-Lessee
with the Lessee conforming the
termination of employment of the CoLessee with the Lessee
Supplier means the seller or distributor of
motor vehicles including the Manufacturer
who would have manufactured the Vehicle
as the context may require.
Transfer Request shall mean a request
in writing made by the Co-Lessee prior to
his / her official last working day in the
employment of the Lessee, for transfer of
Lease pursuant to terms of this
Agreement, in the manner as provided for
in Schedule hereto.
1.1.25
Transfer Date shall mean the date on

which the Vehicle Lease under this
Agreement is transferred to the CoLessee;
1.1.26
Termination of Agreement shall mean

end of the contractual relations between
the parties due to reason specified in
Article 2.13
1.1.27
Vehicle means the Vehicle to be

provided on Lease to the Lessee by the
Lessor as more particularly described in
Schedule hereto.
1.1.28
Vehicle Requisition Order (VRO) means

the requisition form as per the draft
provided by the Lessor duly filled in,
signed and sealed by the Lessee
requesting the Lessor to provide type of
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the Vehicle on Lease on the terms and

conditions specified therein
1.2
1.1.22
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Rules of Interpretation
In this Agreement, unless the context or meaning
thereof otherwise requires,
1.2.1
any reference to :
(a) a
gender includes all other

genders and reference to a
singular includes the plural and
vice versa.
(b) a person includes an individual,

company,
partnership
or
unincorporated
association
(whether or not having separate
legal personality);
(c) a company includes any company,
corporation or any body
corporate,
wherever
incorporated.
(d) a Paragraph or to a Parts is to the
relevant Paragraph or the
relevant Part, as the case may
be, of the relevant Schedules.
(e) claim includes any claim,
demand action or proceeding of
any kind, actual or contingent;
(f) a statute or statutory provision or
any subordinate legislation
made from time to time under
that
statute
or
statutory
provision which is in force at
the date of this Agreement;
includes that statute or provision
as from time to time modified,
re-enacted
or
consolidated
whether before or after the date
of this Agreement;
Title :
(i) any books, records or to any other

information means books, records
or other information in any form
including paper, electronically
stored data, magnetic media, film
and microfilm in relation to Lease
of Vehicle .
1.2.2
The words including, includes or in

particular means including, includes or in
particular without limitation; and
1.2.3
The headings in this Agreement are for

reference only and do not affect its
construction of interpretation.
1.2.4
a document in the "agreed form" is a

reference to a document in a form and
content approved by all Parties and for the
purposes of identification initialed by or on
behalf of each Party on the date of this
Agreement;
1.2.5
In case the Lessor provides more than one

Vehicle on Lease to the Lessee then the
defined terms as above and this Agreement
shall be construed accordingly for all the
vehicles given on lease and the expression
Vehicle shall be deemed to include all
such vehicles given on lease as if the same
were given on lease under the terms of this
Agreement. The Parties hereto shall
execute Agreement and Schedule in
relation to the specific Vehicle that a Lessee
desires to take on Lease and each such
Schedule shall constitute a separate
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Agreement amongst the Lessor, the

Lessee, Co-Lessee, and End User, in
respect of the specific Vehicle. The
Schedule, the Novation Certificate and
the Offer letter shall form an integral part
of the Agreement.
(g) any past statute or statutory

provision (as from time to time
modified,
re-enacted
or
consolidated) which that statute or
provision has directly or indirectly
replaced;
(h) any deed, or document includes a
reference to the amendments
thereto which have been executed
by all the Parties hereto in writing;
and,
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ARTICLE - 2
TERMS OF LEASE:
2.1
Upon receipt of VRO from the Lessee, the Lessor

shall evaluate the same and if found in order may
consider acquiring of the Vehicle and give it on
Lease to the Lessee on the terms and conditions
herein contained and on other terms as specified
in the Agreement and Schedule annexed thereto.
The Lessor reserves the right not to accept any
VRO for the reasons to be specified.
2.2
Upon the Lessor accepting a VRO, the Parties

hereto shall execute the Agreement and
Schedule for the proposed Vehicle, which shall
constitute Lease of that Vehicle to the Lessee
2.3
Ownership of the Vehicle:

The Parties hereby confirm that their intent is that
the Vehicle shall at all times remain the property
of the Lessor. For the purposes of the Motor
Vehicle Act, 1988 (the Act) and the provisions
thereof, the Lessor may permit to have such
registration in the name of the Co-Lessee, as
required under the provisions of the Act, for the
benefit of the Lessor and expressly subject to the
absolute ownership rights of the Lessor thereon.
The Lessee and/or the Co-Lessee undertake and
hereby authorize the Lessor to have the said
registration transferred in the name of the Lessor
or its nominee on the termination and/or expiry of
the Lease and/or requiring possession thereof for
whatever reason at any time during the currency
of this Agreement or whenever required to do so.
Subject to the compliance with the obligations
under these presents, the Lessee and / or the
Co-Lessee shall have the right to have exclusive
Title :
peaceful possession, operation and use of the
Vehicle during the Lease Term unless there is a
Premature Termination of Lease.
2.4
Delivery of Vehicle :
The Lessor shall arrange with the respective
Supplier to have the Vehicle ready for delivery. The
Vehicle shall be deemed to be delivered within 2
days from the date when such written intimation has
been sent by Lessor to the Lessee. The Lessee
and/or the Co-Lessee shall take delivery of the
Vehicle from the Suppliers premises. Alternatively,
at the Lessees request, the Vehicle may be
delivered to the Lessees address. Any loss or
damage to the Vehicle in transit from the Suppliers
premises to the Lessees address shall be treated
as an accident case and the liability shall be
covered as per the Insurance Policy.
2.5
Terms of Insurance :
2.5.1 With regard to Insurance, the Lessee
shall request to the Lessor to cause
the Insurance of the Vehicle each
year and the Lessee and/or the CoLessee shall reimburse the cost
thereof to the Lessor forthwith on
receipt of notice of demand from the
Lessor, Alternatively, the Lessor at
the Lessee request may add a value
equal to insurance premium in the
Rental for the entire Lease Team.
It is hereby clarified that in case Supplier
is providing any offer with regard to
Insurance of the Vehicle, at the time of
acquisition then the obligation of the
Parties with regard to Insurance shall
commence from the next renewal date.
2.5.2 No Obligor shall do or omit to do or
be done or permit or suffer any act,
which might or could prejudicially
vitiate or affect Insurance of the
Vehicle
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2.5.3 Insurance Policy will be in the

name of the Co-Lessee, with the
Lessors name as the owner and
Loss Payee. In case Insurance is
taken by the Lessee, then the
Lessee shall be required promptly
to submit a copy of the Insurance
Policy for reference and record of
the Lessor
2.5.4 Upon the happening of any event
that causes any damage or loss to
the Vehicle and/or its accessories
whilst thereon, including accident,
theft, hit caused by fire explosion,
self-ignition or lightening, burglary,
riot, earthquake, flood, typhoon,
hurricane,
storm,
tempest,
inundation, cyclone, hailstorm,
frost, malicious act and/or terrorist
activity, each Obligor shall notify
the Lessor promptly by telephone
of such damage or loss relating to
the Vehicle and confirm the same
in writing, within 48 hours of the
occurrence of such event causing
loss and/or damage to the Vehicle.
Provided Further that, in an event
of total loss liability will be on the
Co-Lessee subject to insurance
claim being approved by the
Insurer however, where there is a
repudiation of the Insurance due to
the fault and/or negligence of the
Co-Lessee then the loss and/or
damage shall be on account of the
Co-Lessee.
2.5.5 The Lessee shall ensure that the
Co-Lessee shall and the Co-Lessee
undertakes it shall jointly and
severally use and operate the
Vehicle with all due diligence. The
Obligors undertake to facilitate the
settlement of all cases of damage
Title :
by providing the relevant information
and taking all the required steps for
that purpose. The Lessor retains the
right to initiate an investigation in the
event of any loss occurrence.
2.5.6 Without prejudice to the generality
of the provisions contained above, in
the event of the occurrence of an
accident including injuries / damages
to a third party or Vehicle OR the
theft of the Vehicle or any part
and/or accessory thereof,
the
Obligors shall jointly and severally
forthwith report the same, at its own
cost, to the nearest police station and
shall obtain from such police station a
copy of the First Information Report
(FIR) and ensure that the registration
chassis number and engine number
are specified in the FIR.
2.6
Terms of Maintenance of the Vehicle :

The Lessee and / or the Co-Lessee, as the case
may be, at his cost shall provide for on-going
maintenance of the Vehicle to keep it in good
condition, normal wear and tear excepted.
2.7
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2.71
In consideration of the Lease of the

Vehicle, the Lessee agrees to pay to the
Lessor regularly and punctually without
any abatements or deductions (except
statutory deductions which the Lessee is
required to deduct under applicable laws)
Lease Rental, on their respective due
dates, as more specifically mentioned in
the Schedule, irrespective of whether the
Vehicle has been put to use or not or is
under repairs maintenance or for
replacement for any period whatsoever.
2.7.2
Lease Rental for the Lease of the Vehicle

during the Lease Term shall be fixed i.e. it
shall remain unchanged during the Lease
Term as may be set out in the Schedule.
2.8
Payment of Lease Rental:

The Lessee agrees to make payment of each of
the Lease Rental on Due Date until the
termination of the Lease either on account of
Premature Termination or on account of the
expiration of the Lease Term.
2.5.7 Under no circumstances the Lessor

shall be held liable towards the
Obligors or a third party.
2.5.8 The Obligors jointly and severally
agree that any insurance proceeds
received under the Insurance shall be
first appropriated for making good
the damage in case of partial damage
and for paying the Premature
Termination Amount in case of total
loss or theft of the Vehicle and as
calculated in the manner as set out in
the Schedule.
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For each Rental, the Lessor shall raise an invoice

/ debit note in the name of the Lessee. The
Lessor shall raise invoice / debit note minimum
10 days prior to Due Date, except for the Rental
for the first month in respect of which debit
note/invoice will be sent within 15 days from the
Lease Commencement date.
2.9
Consequence of nonpayment of Rental on

Due Date :
In the event the Lessee fails to pay Lease Rental
or any other amount payable on its due date, the
Lessee shall be liable to pay, without prior
notification or reminder, following amount,
notwithstanding the remedies available to the
Lessor under this Agreement:
Rentals :
Title :
2.9.1 Late Payment Charges at the rate mentioned
in the Schedule on the amounts due and
outstanding, from the period the amount
becomes due till such amounts are paid by the
Lessee
2.12
Change in Rental:
2.10.1 The Obligors agree that the Lease Rental may

be increased / decreased by the Lessor
consequent to any imposition of any new
taxes or consequent to any increase /
decrease in taxes whether octroi duty
terminal taxes or any other local cess or dues
or duties Sales Tax or Value Added tax, Service
tax, Lease tax or customs or import duty
excise duties or any other transaction tax and
/or insurance premium and also by any
increase / decrease in levy and taxes, duties
and charges by State / Central Government or
any local authority, as the case may be or any
other related and consequential charges and
taxes levied on this transaction now or
hereafter on any services rendered or on the
Vehicle or on this Agreement or any deed,
document or writing pertaining to this
transaction now or hereafter.
2.10.2
2.11
Premature Termination of Lease:

In the event of the occurrence of any of
the events specified hereunder, there
shall be Premature Termination of Lease
either with effect from the date
mentioned in the notice of Premature
Termination of the Lease or from the
Transfer Date, as the case may be:
(a) occurrence of any one of the
events of default specified in
Article 5.1 of this Agreement
and Lessees failure to cure the
same within the Curing Period.;
(b) receipt of Shorter Notice by the
Lessor;
(c) receipt of Adequate Notice by
the Lessor;
(d) irreparable damage/ total loss
caused to the Vehicle or theft of
the Vehicle;
(e) occurrence of any one of the
events of default specified in
Article 5.2 of this Agreement
and Lessors failure to cure the
same within the Curing Period;
Rental shall be increased / decreased due to

any increase / decrease in the price of the
Vehicle in the intervening period from the
date of placement of the VRO and the
eventual delivery of the Vehicle.
(f) receipt of prior written notice of

not less than 15 days by the
Lessor from Lessee requesting
for premature termination of
Lease.
Reimbursement:
In case the Lessor made to incur any expenses on
behalf of the Lessee due to breach of the
obligations by the Lessee, the Lessee shall
reimburse the same to the Lessor on sufficient proof
being available. Provided however, the Lessor shall
obtain Lessees prior written consent before
incurring such expense, where such consent shall
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be given by the Lessee to the Lessor within 2

working days failing which the same shall be
considered as deemed consent
2.12.1
2.10
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2.12.2
Upon occurrence of events as specified in

2.12.1(e) and events of default as
specified in Article 5.2, the Lessee shall
have option to:
Title :
(a) Continue with the Lease of Vehicle
in which case the obligations of
the Lessee with regard to Lease of
Vehicle shall remain unchanged
until expiration of Lease ; or
(b) cause Premature Termination of
Lease.
2.13
Termination of the Agreement:

Notwithstanding anything contained in this
Agreement, the Lessee reserves the right to
terminate this Agreement in its entirety if Lessee
serves prior written notice of 30 days to terminate
this Agreement for convenience without assigning
any reason for termination
2.14
Consequence of Premature Termination of

Lease:
2.14.1
Surrender of the Vehicle:

(a) Upon expiration of the Lease Term
or Premature Termination of the
Lease due to events specified in
Article 2.12.1 (a) and (e), the Lessee
and/or the Co-Lessee (as the case
may be) shall deliver to the Lessor,
at their own costs and expenses,
forthwith surrender to the Lessor:
(i)
the Vehicle at its nearest office

at such time as may be
directed by the Lessor in good
order
and
condition.
However, if the Vehicle is not
stationed at office near to the
office of the Lessor then in
that event, the Lessor shall
pick up the Vehicle from that
location at the cost and
consequences of the Obligors
as specified in the Agreement.
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(ii)
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Manufacturer
Manual,
warranties
and
other
documents furnished by the
Manufacturer in respect of
the Vehicle. all service logs
and service reports, as well
as all written materials that
the Lessee may have been
provided by the Lessor for
the
operation
and
maintenance of the Vehicle
(iii) registration certificate in

original and the original
Insurance Policy.
(iv) keys (original as well as
duplicate) of the Vehicle and
accessories of the Vehicle.
(b) In the event Obligors surrenders
the Vehicle with an unreasonable
or unacceptable level of wear and
tear
as
determined
by
Manufacturer Authorised Service
Centre, (reasonable wear and
tear excepted), the Obligor as
specified in the Agreement shall
be liable to bear all costs and
charges for refurbishing/repairing
the Vehicle depending on the
condition of the vehicle at the
time of its surrender.
(c) In the event, the Obligors does

not surrender the Vehicle, the
Lessor shall be entitled to
repossess the Vehicle given on
Lease wherever and whenever it
is found and whomsoever may be
in possession thereof at the
entire costs and expenses of the
Obligor as specified in the
Agreement, without reference or
notice to the Obligor and the
Obligor
hereby
irrevocably
authorizes the Lessor acting
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Title :
through its representatives to take
physical possession of the Vehicle.
(d) The Obligor as specified in the

Agreement shall, in addition to
surrender of Vehicle, pay to the
Lessor without delay and demure
the Premature Termination Amount
calculated in the manner set out in
the Schedule.
2.14.2
2.14.3
2.14.4
2.15
Upon Premature Termination of Lease due

to events specified in Article 2.12.1(b) or (c),
the Lease of Vehicle shall be required to be
transferred to the Co-Lessee in terms of the
provision of Article 8 herein below
to event specified in Article 2.12.1(d), while
the Lessee and the Co-Lessee shall be
exonerated from the payment of Premature
Termination Amount however shall be
under obligations to pay insurance
disallowance and to do all such acts, things,
deeds as may be required or directed by the
Lessor for processing Insurance claim
including but not limited to filing of FIR with
police stations having jurisdiction where
cause of actions such as theft or total loss of
Vehicle has occurred,

to event specified in 2.12.1(e), if the Lessee
has elected option as specified in 2.12.2(b),
the Lessee shall be exonerated from the
liability of paying Premature Termination
Amount
Consequence
Agreement :
of
Termination
of
this
2.15.1 In the event of Termination of this Agreement,

unless otherwise requested for by the Lessee,
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the terms of this Agreement shall continue

to apply to the Vehicle(s), the Lease Term of
which is still valid and unexpired as of the
date of the termination of the Agreement,
and accordingly, the parties shall continue
to honour their respective obligations as
specified under this Agreement
2.15.2
the Parties shall not have a right to sign

any further Leases (Schedules) under this
Agreement
2.16
In the event Lease of Vehicles is not transferred

to the Co-Lessee for any reason whatsoever,
then the Lessor shall be entitled to remedies and
recourse as provided under this Agreement.
2.17
All rights and obligations accrued during the

Lease Term shall survive the termination/expiry
of the Lease Term
2.18
The Lessor agrees that the Lessee shall be

entitled to the benefits of the warranties provided
by the Supplier of the Vehicles. Any performance
guarantee provided by the Supplier shall be in the
joint names of the Lessor and the Lessee and
shall be enforceable by the Lessor or the Lessee
or both of them. For this purpose, the Lessor, if
so requested by the Lessee, shall authorise the
Lessee for enforcing due performance by the
Supplier of the Vehicles of any warranties or
performance guarantees relating to the Vehicles.
ARTICLE - 3
ORDER
PLACEMENT
CANCELLATION
AND
3.1
It is agreed between the Parties that order for the

Vehicle under this Agreement shall be placed by
the Lessor at the instance of the Lessee.
3.2
In the event of undue delay in receiving such

instructions for the placement of the VRO beyond
60 days from the date of this Agreement, the
Lessor shall reserve the right to terminate this
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Agreement, without any costs or consequences to
any Party.
3.3
In the event that the Lessee causes cancellation of

or instructs the Lessor to cancel a VRO with the
Supplier or the Lessee refuses or is unable for any
reason to accept delivery then in that event the
Lessee shall forthwith on the Lessor making a
demand in that behalf pay to the Lessor all such
sums as the Lessor may have paid to the Supplier
as payments together with interest thereon at the
rate mentioned in the Schedule, calculated from the
date of payment by the Lessor up to the date of
reimbursement of the amount(s) so paid by the
Lessee.
ARTICLE-4:
4.2 The Lessee shall provide invoice-wise details against

which payments are being made to the Lessor failing
which the Lessor shall have the option of applying the
payments received against the total outstanding on a
First-In-First-Out basis. Upon receipt of request from
the Lessor, the Lessee agrees to provide balance
confirmation.
4.3 The Lessee authorizes the Lessor :
4.3.1
effecting transfer of the Vehicle at the

end of the Lease Period or earlier
termination of Lease of the Vehicle.
4.3.2
4.4
To sell, alienate, transfer, charge,

hypothecate or otherwise encumber the
Vehicle and in this regard, to sign and
deliver necessary forms, documents
and/or to give notice to the appropriate
Regional Transport Authority / Office for
4.5
To fill in, alter, amend or complete such

forms, documents or papers, specified
under the Act, that may be lying with the
Lessor duly signed to give full and
complete effect thereof
The Lessee and the Co-Lessee acknowledges,

represents, declares, agrees and confirms that:
4.4.1
The Lessor has not at any time made

nor does it hereby make any
representation
or
warranty
whatsoever with respect to the
merchantability, quality, condition,
durability, suitability or fitness for the
purpose,
use,
operation
or
performance of the Vehicle.
4.4.2
The Lessor shall in no way be liable

or responsible to the Lessee for any
liability, claim, loss, damage, or
expense of any kind or nature
whatsoever arising from the use of
the Vehicle.
GENERAL COVENANTS
4.1 During the subsistence of the Lease and till the Vehicle
is delivered back to the Lessor in good order and
condition in terms hereof, the Obligors shall use and
operate the Vehicle in conformity with the
Manufacturer Manual and comply with all statutory and
other requirements of law, rules, regulations or
directions applicable to use and operation of the
Vehicle in that behalf. In case, the Regional Transport
Office (RTO) / Supplier sends the Original Registration
Certificate and Taxation Certificate (RCTC) of the
Vehicle directly to the Obligors, then the Co-Lessee
undertakes to send a copy of RCTC to the Lessor
within 30 days from the date of receipt from RTO/
Supplier.
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Each of the Co-Lessee agrees to comply with all

the laws, rules and regulations relating to the
transportation, possession, operation and use of
the Vehicle and assume all liabilities including
injuries to or death of persons arising from or
pertaining to the same. The Co-Lessee shall be
responsible for the damages to the Vehicle
which, in the opinion of the Lessor/its agents,
have been caused willfully and/or is the result of
rash and negligent or careless driving or any
other negligent/ careless act and the Co-Lessee
shall at its own cost and expenses cause the
repairs of the Vehicle and hereby agree to
indemnify and keep indemnified and saved
harmless the Lessor from any losses, claims,
damages, expenses and third party claims that
the Lessor might be put to/ may suffer/ incur in
connection with any of the above.
Title :
ARTICLE-5:
EVENTS OF DEFAULT
5.1.2
5.1.3
5.1.4
5.1.5
5.1.6
fails to make any of the payments or part

thereof or any other payment required to be
made hereunder and remained due for more
than 15 days from the due date ; or
fails to perform or observe any other
covenant, conditions of Agreement to be
performed or observed by it hereunder or in
any other document furnished to the Lessee
in connection herewith; or
without the Lessors consent transfer,
assign or otherwise dispose of or purport to
transfer, assign or dispose of the Lessors
rights or obligations or interest hereunder by
way of mortgage, charge, sublease, sale or
other assignment, hypothecation, pledge,
hire, encumbrance, license or otherwise in
any manner part with the possession of the
Vehicle or any part thereof or allow or
purport to do or allow or create any lien,
charge, attachment or other claim of
whatsoever nature on the Vehicle or any part
thereof.; or
shall become bankrupt or become insolvent
or make an assignment for the benefit of
creditors, or consent to the appointment of a
trustee or receiver for a substantial part of its
property without its consent or reorganization
or insolvency proceedings shall be instituted
by or against the Lessee, voluntary or
otherwise; or
makes any major additions/alterations to the
Vehicle which affects the marketability of the
Vehicle, without the prior written permission
of the Lessor; or
fails to inform the Lessor about cessation of
employment of the Co-Lessee with the
Lessee
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5.1.7
has undertaken to Insure the Vehicle on

its / his or her own and fails to effect the
insurance cover of the Vehicles or fails to
pay insurance premia as and when due or
fails to reimburse the same to the Lessor
if paid by the Lessor
5.1.8
shall be in default under any other

Agreement at any time executed with the
Lessor with respect to any other service(s)
provided by the Lessor
5.1.9
is in breach of any representation or

warranty as mentioned in Article 11 or
they are found to be or become incorrect.
5.1 By Lessee / Co-Lessee : An event of default shall

occur hereunder if the Lessee and / or the Co-Lessee:
5.1.1
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5.2 By Lessor : An event of default shall occur

hereunder if the Lessor :
5.2.1 fails to perform or observe any other
covenant, conditions of Agreement to be
performed or observed by it hereunder; or
5.2.2
shall become bankrupt or become

insolvent or consent to the appointment
of a trustee or receiver for a substantial
part of its property without its consent or
reorganization or insolvency proceedings
shall be instituted by or against the
Lessor, voluntary or otherwise
5.2.3
is in breach of any representation or

warranty as mentioned in Article 11 or
they are found to be or become incorrect.
ARTICLE- 6: CURING PERIOD

Either party shall, prior to invoking remedies available to
it as mentioned in Article 7, send a written notice to
defaulting party specifying in detail the breach / default
cause and calling upon the defaulting party to rectify /
cure the breach / default within 10 days (Curing Period)
from the date of the notice. In the event the defaulting
party fails to rectify / cure the breach / default on or
before end of Curing Period, other party shall have right
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to invoke the remedies available to it without any further
notice
ARTICLE- 7:
7.1
fitness tests for inspection as and when

required by:
REMEDIES
In case an event of the default is caused by the

Lessee and / or the Co-Lessee and the same
remained unremedied after completion of the Curing
Period then in that event there shall be Premature
Termination of Lease in terms of the provision of
Article 2.12.1 (a) and the Lessor would have
remedies as mentioned in Article 2.14.1
7.2 In case the event of the default is caused by the

Lessor and the same remained unremedied after
completion of the Curing Period then in that event
there shall be Premature Termination of Lease in
terms of provision of Article 2.12.1(e) unless the
Lessee has elected not to cause Premature
Termination of Lease pursuant to option provided in
Article 2.12.2(a). However, if the Lessee is electing
option of causing Premature Termination of Lease as
specified in Article 2.12.2(b), then the Lessee would
have to comply with the provision of Article 2.14.4
ARTICLE-9:
TECHNICAL CONTROL
AND INSPECTION
9.1
The Obligors are jointly and severally liable

to present the Vehicle for pollution checks
and other statutorily mandated technical /
9.1.1
any competent authority for any

inspection that may be required
by any law, regulation and / or
rule; or
9.1.2
by the Lessor for technical check up

provided Lessor has given prior
written request of 2 days.
ARTICLE - 10:
STANDARD MODELS AND
SPECIFICATIONS
10.1
The Vehicle is delivered as standard models in

accordance with the Lessee's specifications in
VRO and as stated in the Schedule. Unless
otherwise indicated by the Lessee in writing to
the Lessor, the Vehicle shall be deemed to
have been delivered in good order and
condition and as per the VRO
10.2
The term "standard models" shall be taken to

mean the Vehicle as they are delivered to the
Lessee. Any addition of extra accessories and
adaptations to the Vehicle shall be permitted in
consultation with and after the prior written
consent of the Lessor.
ARTICLE-8
COVENANTS FOR TRANSFER OF LEASE
Upon receipt of Adequate Notice and Shorter Notice, as the
case may be, there shall be a Premature Termination of
Lease with the Lessee in terms of provision of Article 2.12.1
(c) and (b), respectively and consequently, the Lease of
Vehicle shall be required to be transferred to the Co-Lessee
automatically from the Transfer Date. In the event of a
transfer of Lease, this Lease Agreement shall be deemed to
be the Lease Agreement made between the Lessor and CoLessee upon the same terms and conditions and
accordingly all the obligations of the Lessee shall be
transferred to and shall devolve upon the Co-Lessee.
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ARTICLE - 11:
WARRANTIES
11.1
REPRESENTATIONS AND
Each party warrants that its execution of this

Agreement will not:
11.1.1 Contravene the provisions of any law,
statute, rule and regulation to which the
party is subject and/or the partys
Memorandum
and
Articles
of
Association / Partnership Deed / Trust
Deed / Society By-Laws, as the case
may be.
11.1.2 Result in any breach of any agreement
or arrangement to which the Lessee/
the Co-Lessee or the Lessor is a party.
Title :
11.2
ARTICLE - 12: DISTRAINT AND MEASURES BY

THIRD PARTIES
12.1
If third parties lay claim to or otherwise take

action in respect of a Vehicle, the Lessee shall
take immediate action to safeguard the rightful
property of Lessor. If the Lessee loses legal
control of any Vehicle, the Lessee shall inform
the Lessor immediately within twenty-four
hours and if necessary, take appropriate
counter measures. The Lessor may take any
and all actions it sees fit in the interests of
protecting its rights, not excluding action in the
name of the Lessee.
12.2
The costs incurred as a result of any action as

aforesaid are to be borne by the Lessee and
payment shall be made to Lessor upon a
written request supported with substantiated
proof by the Lessor. The Lessee shall ensure
that the Vehicle is only used by persons
satisfying the requirements laid down under
applicable law and regulations pertaining to
such use.
12.3
The Lessee hereby undertakes to abide by

existing legislation pertaining to the use of
Vehicle when a border is crossed. If, due to
non-compliance with the foregoing, the
authorities temporarily or permanently take the
Vehicle off the road, all the costs, including
fines - incurred in attempts to get the Vehicle
on the road again, shall be borne by the
Lessee.
11.2.2 All actions, conditions and things required

to be taken, fulfilled and done in order to
(i) enable them to lawfully enter into and
perform their obligations under this
Agreement;
(ii) ensure that those
obligations are legally binding and
enforceable have been taken, fulfilled and
done;
11.2.3 The Authorised Signatories of the Parties
are validly in office and duly authorised to
execute this Agreement and execution by
such authorized signatories will bind the
parties;
11.2.4 The execution and delivery of this
Agreement and performance hereunder
will not result in a breach of any other
agreement entered into by the Party or will
not conflict with any order, judgment, rule
or regulation by which the Party is bound.
11.2.5 All information provided / to be provided
pursuant to this Agreement, and Schedule
thereto are true and correct in all respects
11.4
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Each Party represents and warrants that:

11.2.1 It has the necessary power to enter into
and perform its respective obligations
under this Agreement;
11.3
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The Lessee and the Co-Lessee hereby warrants

that it shall use and operate the Vehicle in the
manner specified in Manufacturer Manual and
also ensure that the user has valid driving license
to ply the Vehicle and keep them effective and in
force at all times during the period of this
Agreement and till the Vehicle is delivered back to
the Lessor in good order and condition.
The representations and warranties of the parties
contained in this Agreement shall be true and
correct as at the date hereof and shall be true and
correct in all material respects during the entire
tenure of this Agreement with the same force and
effect.
ARTICLE-13
LESSEES CONFIRMATIONS
The Lessee acknowledges, declares, agrees and
confirms that:
13.1
On receipt of written intimation from the Lessor

that the Vehicle is ready for delivery from the
designated location with all the relevant
documents viz. Registration Certificate, Tax
Title :
Certificate Book, Insurance Papers, invoice,
delivery challan, the receipt of payments etc.
required for obtaining such delivery with the
Supplier/Manufacturer, the Obligors shall be
responsible for obtaining delivery of the Vehicle
and the aforesaid documents within 48 hours of
such intimation. The date on which the Lessor
conveys to the Lessee or Co-Lessee about the
vehicle ready for delivery shall be taken as the
deemed date of delivery under this Agreement. In
case, the Lessor arranges for the delivery of the
Vehicle, he shall do so at the cost of the Lessee /
Co-Lessee and in case of any accident before
such delivery; it shall be treated as an accident.
13.2
The Lessor is not the Manufacturer or Supplier of

the Vehicle and that the essential function of the
Lessor is to purchase and lease out the vehicle as
selected by the Lessee and/or the Co-lessee from
the Supplier/Manufacturer designated by the
Lessee and/or the Co-Lessee, as the case may
be.
13.3
The Lessor shall in no way be liable or

responsible to the Lessee or to the Co-Lessee
and/or to any third party/parties for any liability,
claim, loss, damage, or expense of any kind or
nature whatsoever arising from lease of the
Vehicle, use, operation, acts or omissions or
otherwise.
13.4
Notwithstanding anything contained herein above,

and without prejudice to the rights of the Lessor to
enforce the terms of the Lease including as to
payment of Lease Rental against the Co-Lessee,
in the event of the death of the Co-Lessee, whilst
in the employment of the Lessee, the liabilities
and obligations of the Obligors are as specified in
the Agreement, the Schedule and the Novation
Certificate..
ARTICLE 14:
14.1
ASSIGNMENT
The Lessor may charge or delegate to any person

any of its rights under this Agreement and any
person to whom such rights are charged or
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delegated shall be entitled to the full benefit of the

right(s) of the Lessor under this Agreement. The
Lessor shall notify to the Lessee and/or the CoLessee of such assignments within not less than
30 days of assignment. In such case, the Lessor
shall ensure that the rights of the Lessee with
regard to peaceful use of the Vehicle under this
Agreement are fully protected. The Lessee shall
not assign its rights or obligations under this
Agreement without the prior written consent of
the Lessor.
14.2
Save as aforesaid, this Agreement shall be

binding upon and shall inure for the benefit of the
Lessor and its successors in title and assigns and
the Lessee and its successors in title and
permitted assigns.
ARTICLE 15:
15.1
MISCELLANEOUS
Legal Costs:
All costs incurred by non-defaulting party in
protecting its respective rights such as legal and
extra judicial recovery costs due to breach of the
terms of this agreement by the defaulting party
shall be reimbursed by the defaulting party to
non-defaulting party, on sufficient proof being
made available to it.
15.2
Notices
Unless otherwise provided herein, all notices or
other communications under or in connection with
this Agreement shall be given in writing and may
be sent by personal delivery or post or courier or
facsimile or Email. Any such notice or other
communication will be deemed to be effective if
sent by personal delivery, when received; if sent
by post, on receipt of the same; if sent by courier,
on receipt of the same; if sent by facsimile, when
sent (on receipt of a confirmation to the correct
facsimile number); and if sent by Email, on
receipt of written receipt by the sender.
Title :
All correspondence shall be addressed, when sent
to the Lessee at the address mentioned above and
when sent to the Lessor, at the address of the
Lessor mentioned above. Any notification or
correspondences shall be sent to the Lessor on
____@orixindia.com and to the Lessee on
_________________
15.3
Mode of Payment:
All amount due and payable by the Obligors to the
Lessor pursuant to the Agreement shall be paid by
or mail transfer or Real Time Gross Settlement
(RTGS) or Electronic Clearing System to the
account of the Lessor or by cheque or bank draft
drawn in favour of the Lessor on a scheduled bank
and shall be so paid as to enable the Lessor to
realize at par, the amount sought to be paid on or
before the due date to which the payment relates.
Credit for all payments by cheque/bank draft will be
given only on realization thereof by the Lessor or on
the due date to which the payment relates,
whichever is later. Provided however, if the due
date in respect of any monies payable under or
pursuant to this Agreement falls on a Saturday or a
day which is a bank holiday at the place where the
payment is to be made, the immediately preceding
working day shall be the due date for such payment.
15.4
15.5
Time shall be the essence of this Agreement in

so far as it relates to the observance or
performance by the Parties of all or any of its
obligations hereunder.
Waiver:
Waiver by the Lessor of any default by the Lessee
or by the Co-Lessee or vice versa shall not be
deemed a waiver of any other default. No provision
of this Agreement shall be deemed waived,
amended or modified by the Lessor unless such
waiver, amendment or modification is in writing and
signed by the authorized representative of the
Lessor.
15.6
Schedule:
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Reference to the Articles and Schedules are to

be construed as references to the Articles and
Schedules to this Agreement.
15.7
Article headings are inserted for

convenience of reference only and shall not
be deemed to affect the interpretation of
this Agreement
15.8
All indemnities contained under this

Agreement shall survive the termination of
this Agreement or in so far as they pertain
to events / occurrences that transpired
during the period of Lease.
15.9
No amendment or modification to this

Agreement shall be valid unless set forth in
writing and signed by the Parties. The
parties hereby further agree that the
letter(s), indicating change in terms and
conditions of the Agreement, or Schedule, if
and when executed, shall form part and
parcel of the Agreement and shall be
equally valid, effective and binding on the
parties and shall remain in full force unless
specifically otherwise agreed, in writing, by
the parties.
15.10 Neither party shall be liable for any breach

of this Agreement caused by Force Majeure
events which is not within reasonable
control of a party (whose performance is
affected by such event) including without
limitation, insurrection, restraint imposed
by the Government, act of legislative or
other authority, war, hostilities, acts of the
public enemy, civil, commotion, sabotage,
explosions,
epidemics,
quarantine
restrictions, strike, lockout or acts of God,
that affects the ability of a party to perform
its obligations as envisaged herein. Provided
however the non-payment of amounts due
from a party under this Agreement (for any
reason) shall not be considered as an event
of Force Majeure and no delayed payment
charges shall be payable if the delay in
Title :
payment of amount due is due to Force
Majeure.
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remaining terms and provisions of this Agreement

shall remain unimpaired and in full force and effect.
ARTICLE-18
15.11 In the event of there being an inconsistency in the

Schedules and the VRO, the terms of the
Schedules shall take precedence.
SCHEDULE
15.12 Any stamp duty applicable on this Agreement

including Schedule shall be to the account of
the Lessee
The Schedule(s) shall be annexed to this Lease

Agreement after it is signed by Parties and the CoLessee and shall be deemed to have come into force
from the date on which it is signed by the Lessor, the
Lessee and the Co-Lessee.
ARTICLE-16: ARBITRATION AND

JURISDICTION:
ARTICLE-19
NOVATION
16.1
In the case of any dispute or any difference

between the parties arising out of or in relation to
this Agreement including dispute or difference as to
the validity of this Agreement or interpretation or
any of the provision of this Agreement, the same
shall be resolved by mutual discussion. If the
parties fail to settle the dispute or difference
mutually within 15 days after such dispute shall
have arisen, then the same shall be referred to the
sole arbitrator mutually appointed by the Parties,
and such arbitration shall be governed by the
Arbitration and Conciliation Act, 1996 or any
statutory modification or re-enactment thereof for
the time being in force The provisions of this Article
shall survive the termination of this Agreement.
Each Party shall bear its own costs; all common
costs shall be shared equally by both the Parties.
The venue of the arbitration shall be Hyderabad.
16.2
It is agreed by and between the parties that the

Courts at New Delhi shall have the exclusive
jurisdiction in respect of any matter, claim or dispute
arising out of or in any way, relating to this
agreement.
ARTICLE-17:
A transfer is effected only in accordance with Article 8

hereinabove and when the Lessee and the Co-Lessee
execute and otherwise duly completed Novation
Certificate delivered to the Lessor for its acceptance.
Subject to the Lessee/Co-Lessee having complied with
the terms and conditions of this Agreement to the
satisfaction of the Lessor and that no monies are due and
payable to the Lessor under this Agreement, the Lessor
may in its own discretion and without being obliged to do
so provide its acceptance on the Novation Certificate.
GOVERNING LAW
17.1
This agreement shall be governed by and construed

and interpreted in accordance with the laws of India.
17.2
If any term or provision of this Agreement is declared

invalid by a court of competent jurisdiction, the

UNIT HUMAN RESOURCE MANUAL
Title :
Car Lease Scheme Policy
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IN WITNESS WHEREOF, this Agreement has been executed by the Parties hereto on the day and year first above written
SIGNED AND DELIVERED by the within named Lessor
SIGNED AND DELIVERED by the within named Lessee
by the hand of its
by
Authorised
Signatory Mr.
the
hand
of
its
Authorised
Signatory Mr.
___________________________
___________________________
Signature & Stamp of the Authorised Signatory
Signature & Stamp of the Authorised Signatory

Title :
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Annexure 4: Novation Certificate

Novation Certificate
To:
ORIX Auto Infrastructure Services India Ltd. as Lessor
From: [X] as (the Existing Lessee) and [X] as (the Co-Lessee)
Date:
Ref: Tri-Partite Lease Agreement (TPLA) dated [X] by and between ORIX Auto
Infrastructure Services Ltd. as the Lessor and Existing Lessee as the Lessee and [X]
as the Co-Lessee (hereinafter referred to as the Agreements)
1
We refer to the Agreements. This is a Novation Certificate. Terms defined in the
Agreement have the same meaning in this Novation Certificate unless given a
different meaning in this Novation Certificate.
2
This Novation Certificate is in accordance with Article 21 read with Article 10 of

TPLA.
The Co-Lessees employment termination date with the Existing Lessee is [___].
The Transfer Date accordingly shall be [________].
This Novation Certificate may be executed in any number of counterparts and this
has the same effect as if the signatures on the counterparts were on a single copy of
this Novation Certificate.
This Novation Certificate is governed by the Laws in India.

Commitment/rights and obligations to be transferred subject to Article 21 of the
Agreement
1. All the rights and obligations under the terms of the Agreement applicable to the
Lessee and Co-Lessee shall be transferred to and devolved upon the Co-Lessee from
the Transfer Date for continuing the Vehicle Lease for the remaining period of the
Lease Term
2. The Existing Lessee shall be discharged from all its obligations under the
Agreement.
Existing Lessee
By:
Co-Lessee
By:
This Novation Certificate is accepted by the Lessor and the Transfer Date is confirmed as
[X].
By:
Lessor

Title :
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ANNEXURE 5:
CAR LEASE
Agreement between Employer and Employee
This agreement is entered on this day, _________________ between Mr. Name of the employee,
designation, residing at Full permanent address, hereinafter referred to as the User or Employee
(which expression shall mean and include his heirs, executors and administrators) of ONE PART
AND
Sembcorp Gayatri Power Limited (SGPL), a company registered under the provisions of the
Companies Act, 1956 and having its registered office at 6-3-1090, A-5, T.S.R Towers, Rajbhavan
Road, Somajiguda, Hyderabad 500 082, India, hereinafter referred to as the Company which
expression shall mean and include its successors, legal representatives and assigns of the SECOND
PART.
Whereas, the Company at the request of the Employee has entered into a tripartite lease
agreement (the Lease) with ______________, hereinafter referred to as the Financier, along with
the Employee or User vide agreement _______________ for lease of vehicle for the benefit of the
user on terms and conditions mentioned in the agreement.
AND
Now in consideration whereof, it is hereby agreed between the Parties as under:
1. The user assures that he has a valid driving license issued by competent authority for driving
the vehicle. The user agrees that it shall be the users responsibility to maintain the vehicle
and ensure its safe custody at all times and undertakes to keep the vehicle in good working
conditions at his own cost and expense and also in accordance with Motor Vehicle Act and
the Rules from.
2. The user shall not during the tenure of the lease sell, transfer, dispose off, pledge,
hypothecate, lend, change or deal with in any manner or part what so ever , its possession
or do or permit to be done any act which may prejudice the interest of the Company in any
manner.
3. Any act which may prejudice the right and interest of the Company in any manner.
4. The user shall pay with all due diligence, all taxes, license fees, registration fees, insurance
premium and other dues without any default as may be applicable in respect of the vehicle,
to the Government, any local bodies, any agency. The user shall forward to the Company
proof of payment of all taxes, fees, premium and dues. In the event of any default made by
the user in the payment of any taxes, duties up to date, fees, insurance premiums & all the
expenses for maintaining the vehicle etc, the Company may pay the same and recover from
the employee (User) without prejudice to the rights hereunder and the employee (User)
shall indemnify the Company in such event.

Title :
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5. The user agrees to keep the vehicle fully insured without any default under the
comprehensive Insurance cover policy at all times and further undertakes to indemnify the
company in the event of any liability or loss or damage is caused to the Company on
account of the users breach.
6. In case of Total Loss/ Theft, the Employee would also be liable to pay the differential
amount between foreclosure value payable under the aforesaid tripartite agreement and
the amount received from the insurance company.
7. The employee shall forthwith intimate the company and the concerned authorities in the
event of any accident, loss or damage, theft, fire or on the happening of any of the above
events and shall take the steps to restore the vehicle in original condition at his own costs
and expense.
8. The Company shall not in any manner be liable and responsible to any third party for loss of
life or injury or damage to any property arising directly or indirectly by the users usage
whether arising out of an accident or otherwise. The user shall keep the Company
indemnified at all times against all such claims.
9. The employee shall indemnify the Company against any and all liabilities arising out of the
aforementioned tripartite agreement entered into between the financier, the company and
the employee.
10. The monthly lease amount payable to the leasing company/ financier shall be recovered
from the Employee out of the choice pay component of CTC and paid by the company.
11. The user continues to be in the employment of the Company. In the event of cessation of
the employment of the user with the Company due to any reason, the user undertakes to
pay directly to the financier all the monthly lease payments and/or other charges remaining
for the period of lease and assume all the liabilities of the Company without any exception
whatsoever. If for any reason the employee abandons the vehicle after the cessation of the
employment, then in that event the Company shall be at liberty to foreclose the lease and
take all efforts to dispose off the vehicle. Any shortfall/loss suffered by the Company (i.e.
difference between the foreclosure value and amount realized from the disposal) shall be
recovered by the Company from the user, which the user agrees to pay.
12. In the event all the payments due to the financier under leasing having been paid and upon
the expiry of the lease, the Company may at the request of the user endeavor to transfer
the title in the vehicle to the user subject to the approval of the financier. In the event of
the Company agreeing to transfer the vehicle to the user, the user shall complete all the
necessary formalities relating to transfer of the vehicle with financier as well as the
Company. All the expenses for transfer of the vehicle and title shall borne by the user.

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13. In case the user fails to fulfill any of his obligations as mentioned aforesaid and as result of
which the Company suffers any loss or damage, the user shall in such event be liable to
compensate the Company for all such loss/damage, including legal costs and expenses
caused by the users default(s). The Company shall have right to adjust the amount against
the dues of the user.
14. The user acknowledges that he has read all terms and conditions of the lease agreement
between the Company and the Financier. The user shall abide by all terms and conditions of
the lease agreement so far as the same would be applicable to the user.
15. All the disputes arising out of or in connection with the agreement shall be settled in
accordance with Arbitration and Conciliation Act, 1996 and the award passed in the
Arbitration proceedings shall be final. The Arbitration proceedings shall be held in ________
and the Parties shall bear their own cost.
The term user shall mean the person in the employment of the Company or its member
companies in India.
In witness whereof this agreement is signed on ____________ at __________
Employee
Details
Type of Car
Registration Number
Engine Number
Chassis Number
Financier
Witness
1.

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SEMBCORP GAYATRI POWER LIMITED

Signature & Date

SEMBCORP GAYATRI POWER LIMITED

ELIGIBILITY AND APPLICABILITY

Price Cap (On Road Price)

SEMBCORP GAYATRI POWER LIMITED

Payment of installments by the Lessee to the Lessor

SEMBCORP GAYATRI POWER LIMITED

Car Lease Scheme for New Vehicle

2 years IT returns or Form 16.

Car Lease Scheme for Existing Vehicles

Copy of the Smart Card/Registration Certificate of the car.

Insurance Policy of the car

Copy of the Dealer Invoice (Original Purchase Invoice)

Invoice to be raised on Car Lease Company in the specified by the seller

Blank RTO transfer sets to be executed in the specified format

SEMBCORP GAYATRI POWER LIMITED

Age of the car proposed to be refinanced should be within 24 to 30 months.

Copy of the Smart Card/Regn Certificate

Copy of the Dealer Invoice (Original Purchase)

Foreclosure statement from Bank/NBFC

A Valuation of the vehicle has to be done by a registered car valuer

Invoice to be raised on Car Lease Company in the Specified Format

Blank RTO transfer sets to be executed in the Specified Format.

Age of the car proposed to be refinanced should be within 24 to 30 months.

Lessor funding amount will be 90% of the Valuation Amount/Insurance Declared

FORM 29 and 30 (in duplicate) to be signed by Seller/Registered Owner in

SEMBCORP GAYATRI POWER LIMITED

deletion and addition in the Registration Certificate.

In case the vehicle is registered in the name of the Individual/Co with

FORM 29 and 30 (in duplicate ) to be signed by Seller/Registered Owner in

SEMBCORP GAYATRI POWER LIMITED

SEMBCORP GAYATRI POWER LIMITED

Position / Role ( Grade M4

HSE Director, Maintenance

Not applicable for

SEMBCORP GAYATRI POWER LIMITED

Not applicable for

SEMBCORP GAYATRI POWER LIMITED

Annexure 3: Tri Partite Lease Agreement (Vehicle)

SEMBCORP GAYATRI POWER LIMITED

The term the Lessor shall include its successors and

The Agreement, Tri-partite Lease

Adequate Notice shall mean a

Commencement Date of Lease or

Co-Lessee means the employee(s) of

Due Date shall mean, in respect of

Event of Default means the default

The Lessor, Lessee and the Co-Lessee are hereinafter

DEFINITIONS AND RULES OF

The Act shall mean the Motor Vehicles

SEMBCORP GAYATRI POWER LIMITED

Insurance in relation to the Vehicle

Insurer shall mean the Company duly

Insurance Policy shall mean the

Lease shall mean granting of right to

Lease Term means the period, as

Manufacturer means the manufacturer

Manufacturer Manual means and

Novation Certificate means an

Obligor or Obligors means the

Party means a party hereto.

Premature Termination means end of