contract – Tires & Parts News https://tiresandparts.net Your News Source for Everything Automotive Wed, 25 Nov 2020 10:20:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.11 Souq Al Haraj for Cars finalising standardized contract for the sale of used cars https://tiresandparts.net/news/automotive/souq-al-haraj-for-cars-finalising-standardized-contract-for-the-sale-of-used-cars/ https://tiresandparts.net/news/automotive/souq-al-haraj-for-cars-finalising-standardized-contract-for-the-sale-of-used-cars/#respond Sun, 04 Aug 2019 09:03:17 +0000 https://tiresandparts.net/?p=28314 The management of Souq Al Haraj for Cars, the complex of showrooms for the sale of used cars  in Sharjah has it is in the final stage of drafting a standardized contract for the sale of used cars. This standardized contract is likely to be approved soon. The announcement was made during a meeting which […]

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The management of Souq Al Haraj for Cars, the complex of showrooms for the sale of used cars  in Sharjah has it is in the final stage of drafting a standardized contract for the sale of used cars. This standardized contract is likely to be approved soon. The announcement was made during a meeting which was held in Souq Al Haraj for sorting out the final details of the new contract. The meeting was attended by representatives from Souq Al Haraj management, Sharjah Police and Sharjah Economic Development Department.

Speaking on the occasion, Mohammed bin Essa, Chief Asset Management Officer at Sharjah Asset Management, said the standardized contract for the sale of used cars is meant to ensure that the sale and purchase process is fair and transparent. The format for the new agreement will include components such as the purchase invoice listing the names of all the parties involved in the transaction – seller, buyer and dealer, specifications of the vehicle, car purchase value, mode of payment, delivery time, place and fees, the necessary services if any and the signatures of the two parties or their legal representatives.

He added: “Souq Al Haraj for Cars in Sharjah is the largest car dealership market in the region. Therefore, we are striving to improve all services to end-users and to facilitate all the procedures, the most important of which is the unified contract. The standardized contract for the sale of used cars is based on the template proposed by the Sharjah Economic Development Department to the higher committee of Consumer Protection.

Lt Colonel Saif Al Suwaidi, Head of Vehicle Licensing Department at the Sharjah Police Headquarters, emphasized the importance of the standardized contract in protecting the consumer. He added that the new contract highlights the importance of conducting vehicle tests at approved inspection centers, particularly when buying and selling cars overseas.

He clarified that unapproved tests can lead to troubles in the car registration procedure in the destination country. Dealers are required to make both the agreement and its details clear to avoid any potential troubles for the buyer in the future.

Ali Fadil, Head of Commercial Control and Protection Section at the SEDD, reiterated the significance of this step which would effectively improve the services provided to consumers in Souq Al Haraj for Cars and serve the interests of both domestic and overseas buyers.

Sharjah Chamber of Commerce and Industry (SCCI) expressed thanks and appreciation to SEDD, Sharjah Police Headquarters and Management of Souq Al Haraj for Cars for the continued collaboration with the SCCI ’s used car trading business group. The close attention and follow up from these entities has significantly helped the vital used car industry to achieve its desired goals in contributing to the stability and growth of economic activities in the Emirate of Sharjah. The representative committee of the SCCI’s used car trading business group has reviewed the draft standardized contract and ensured that the new agreement format will add advantages to the used car dealership market, solve many challenges faced by this sector and boost customer confidence, which, in turn, would help increase the traffic and sales in Souq Al Haraj for Cars, which is considered as one of the region’s largest used car marketplaces.

The template for the new agreement includes terms and conditions which the buyer must double check before signing, like correctly specifying the manufacturing year and adding any other terms and conditions to the contract. The buyer must make sure that there is an agreed on mode of inspection between seller and buyer, and that the full vehicle inspection is performed. The mode of payment must be specified and the seller must handover all the vehicle documents to the buyer. The seller shall be liable for any hidden damage, according to the new contract.

If the vehicle specifications are found to be not in compliance with those specified by the seller, and the buyer does not agree on such specifications, the seller must refund the buyer the entire cost. During the warranty period, the seller is responsible for repairing any defects, to replace the vehicle or refund the buyer. All costs of vehicle inspection, transfer, registration, licensing and insurance shall be incurred by the buyer, unless otherwise is agreed in writing.

 

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