Minimum of 40% has to be paid by SECOND PARTY for the booking of the car.
2. Possession of the car would be with WEALTH ON WHEELS (WOW) for 3 years from the date of delivery of the car.
3. WOW will take the car on loan for 4 years and will pay all expenses like car EMIs, maintenance, diesel, driver’s salary, car insurance etc for 3 years.
4. Car would be on the name of SECOND PARTY.
5. After 3 yea
rs, WOW will pay the remaining dues on car loan and handover the No due certificate (NOC) to the SECOND PARTY (owner of the car).
6. WOW would be responsible for any unfortunate event happening (accident / illegal event) till the tenure of possession of the car.
7. WOW will give the sum of Rs.7000/- per month to the client till 3 years from the date of possession between 5th to10th of every month.
8. Either of the parties mentioned in MOU has to give 3 month notice in case they want to exit early from the contract. In case WOW terminates the contract within the mentioned contract period (3 years), WOW has to clear all the pending loan amount and handover the vehicle to the second party with NOC. After that WOW would not be responsible for any payment related to the contract and contract would be null and void.
9. Any legal claim or obligation on car will be paid by WOW during the possession period.
