SALE OF TRAILER AGREEMENT

THIS AGREEMENT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………

BETWEEN

  1. [Seller’s Name] of address [Seller’s Address] hereinafter referred to as the (“Seller”)

AND

  1. [Buyer’s Name] of address [Buyer’s Address] hereinafter referred to as the (“Buyer.”)

RECITALS

  1. Seller is the legal and beneficial owner of the following described trailer:

Year: [Year]

Make: [Make]

VIN: [VIN]

  1. Buyer desires to purchase the Trailer from Seller on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, the parties agree as follows:

  1. PURCHASE PRICE AND TERMS OF PAYMENT:

(a) Purchase Price. The purchase price of the Trailer is $8,000, which shall be paid by the Buyer to the Seller in installments as follows:

(i) A minimum payment of $500 is due on the 10th day of every month.

(ii) If payment is not received by the due date, a late fee of $100 will be charged until the payment is received.

(iii) The Buyer must pay the full purchase price by October of 2023.

(b) Method of Payment. Payments shall be made in the form of [Specify method of payment] to the Seller at the following address: [Seller’s Address]. The Seller shall provide the Buyer with a receipt for each payment.

(c) Title. The Seller shall retain the title to the Trailer until the full purchase price has been paid.

  1. DELIVERY OF TRAILER AND TITLE:

(a) Delivery of Trailer. The Seller shall deliver possession of the Trailer to the Buyer after the first payment of $500 has been received.

(b) Transfer of Title. The Seller will transfer the title to the Trailer to the Buyer once the full purchase price has been received.

  1. WARRANTIES AND REPRESENTATIONS:

(a) Disclaimer of Warranties. The Seller sells the Trailer “as is” and makes no warranties or representations as to its condition or fitness for any particular purpose.

(b) Buyer’s Acknowledgment. The Buyer acknowledges that the Trailer is being purchased “as is” and that the Buyer has inspected the Trailer to the Buyer’s satisfaction.

  1. RESPONSIBILITY FOR DAMAGES AND LIABILITY:

The Buyer is fully responsible for any damages, accidents, tickets, express lane toll bills, or other liabilities arising from the use of the Trailer. The Seller is not responsible for any damages, accidents, tickets, express lane toll bills, or other liabilities arising from the use of the Trailer.

  1. DEFAULT AND REMEDIES:

(a) Default. If the Buyer fails to make any payment due under this Agreement, the Seller has the right to terminate this Agreement, retain all payments made by the Buyer, and repossess the Trailer. The Buyer will be responsible for any costs associated with the repossession of the Trailer.

(b) Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies available to the Seller at law or in equity.

  1. THEFT:

If the Trailer is stolen, the Buyer is still responsible for paying the full purchase price to the Seller.

  1. CANCELLATION:

Cancellation. If the Buyer is unable to pay for the Trailer, the Seller has the right to cancel this Agreement and repossess the Trailer. The Seller will not refund any payments made by the Buyer.

  1. DISPUTE RESOLUTION:

In the event of any dispute arising from this agreement, both parties agree to first attempt to resolve the dispute through mediation. If mediation is unsuccessful, the dispute will be resolved through binding arbitration in accordance with the rules of the American Arbitration Association. The party filing the dispute shall bear the cost of mediation or arbitration.

  1. TERMINATION:

Either party may terminate this Agreement at any time upon written notice to the other party. Upon termination, the Buyer shall immediately return any goods or equipment leased to the Seller in the same condition as when received, ordinary wear and tear excepted, and shall be liable for any damage to the goods or equipment that occurs while it is in the Buyer’s possession. The Seller shall be entitled to retain all payments made by the Buyer up to the time of termination as liquidated damages and in full settlement of any claims the Seller may have against the Buyer. The termination of this Agreement shall not relieve the Buyer of any obligation to the Seller that accrued prior to termination.

  1. GOVERNING LAW:

Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of [State].

  1. ENTIRE AGREEMENT:

This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. This Agreement may not be amended or modified except in writing signed by both parties.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

SIGNED by the parties:                                                          )

…………………………….                                                    ) _________________

(NAME OF SELLER- SELLER)                                           Signature

Date: …………………………….

AND

……………………………………                                         )_________________

(NAME OF BUYER– BUYER)                                               Signature

Date: …………………………….

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