How safe is an agreement letter for c.o.i?

[Fire]

C.O.I by adding sub-rider is very common. However you and the other party are totally stranger. I was wondering how safe is an agreement letter when it comes to claiming liabilities. Do you need a lawyer to draft a proper letter or do it yourself?

[spaiduhz]

I dont believe in just adding subrider if i am not familiar with the bugger.

 

Either you get the guy to pay the shop administrative fees to transfer ownership of the bike, or you dont.

 

It might be expensive. But if that ****er decides to mess with you, you will end up with alot of headache.

 

1. if the ****er does some stupid **** and gets point without getting caught, the letter from TP will be sent to you. And if the ****er doesnt admit that its his fault, then you will be the one getting the points.

 

2. the ****er decides to run away, the shop will hound YOU for payments.

 

i would advice never ever to do the add subrider method if you are unfamiliar with the buyer.

[SpiritualRain13]

Any Agreement Letters, unless draft up a Legal Lawyer iz void in the Goverment Eyes. So simple 2 say all thoze who do up their own Agreements then so-called U Sign, I Sign then for some maybe even gt Witness are all Bull$hiT. Cannot make it might as well don't do.

Unless U dun mind taking the Risk as the Other fellow suddenly MIA then all the remaining Costs are 2 b beared by U Bro. Better dun Risk it unless He iz sum1 damn Reliable... A lot of us here kena liao taty Y nowdayz ppl are willing 2 pay the Extra Costs 2 go 2 a Lawyer 2 get an Agreement DoneUp...

[jonathanlim]

Any Agreement Letters, unless draft up a Legal Lawyer iz void in the Goverment Eyes. So simple 2 say all thoze who do up their own Agreements then so-called U Sign, I Sign then for some maybe even gt Witness are all Bull$hiT. Cannot make it might as well don't do.

Unless U dun mind taking the Risk as the Other fellow suddenly MIA then all the remaining Costs are 2 b beared by U Bro. Better dun Risk it unless He iz sum1 damn Reliable... A lot of us here kena liao taty Y nowdayz ppl are willing 2 pay the Extra Costs 2 go 2 a Lawyer 2 get an Agreement DoneUp...

 

but how legal binding are those agrement draft up by lawyer?

any effective dates?

is it accepted by TP and the SG Government?

[ChaoPuzzy1968]

it like a marriage .........if u get a good husband ...paradise ....if u get a bad one....u r SCREWED

[SpiritualRain13]

but how legal binding are those agrement draft up by lawyer?

any effective dates?

is it accepted by TP and the SG Government?

 

As far as i'm concerned Yes it is legally bind by the Law

As in if he Runs Away U can use tiz Agreement 2 Sue Him...

[jonathanlim]

As far as i'm concerned Yes it is legally bind by the Law

As in if he Runs Away U can use tiz Agreement 2 Sue Him...

 

Thks for the info...

 

But that is provided the person can br found la...

 

[babyain]

but if there is black and white it is still an agreement. I did go the police to get my money back but no written letter.The police said that it is still counted as an agreement and can be used to pursue any matters. Luckily the bugger paid up the money i loaned him...

i guess if some shops dont allow ppl resort to subrider and coi. U lucky the fella is honest enuf if not he chop U lah

[SpiritualRain13]

Thks for the info...

 

But that is provided the person can br found la...

 

 

If Lawyer iz involve then they will Sent him a Letter 2 attend Court if he decides 2 RunAway

[BlackBandit]

Bro,

Any agreement signed between two parties is legal binding, meaning it can still be tendered in court. It's just like those rental agreement between landlord & tenant. Do you see a lawyer present when they sign it?

 

However, I'd still NOT recommend you to COI cos of the hassle & risks which come along with it. I've seen too many cases to be wary that even friends whom you've known for quite some time can screw you over this...

[SpiritualRain13]

Ooh ic. Ya lah better nt take the Risks at all. Take Care of Ur own A$$

[Fire]

Any agreement either in writing or verbal is legal binding in court. I guess the issue is not on who is liable for all the legal matters, but rather on the hassle involved in the day to day issues such as parking summons, renew road tax and insurance etc. If either one party play punks, it just get worse.

[endlessloop]

Agreements, whether drafted by a legal profession or not, can be used as an evidence to argue for the case court. But, agreements, whether drafted by legal profession or not, are not watertight. The other party will not be a sitting duck. Counter arguements will be made against your arguements. It may appear clearly in your favour. But to a third person, it may not. It is left to the judge to make a decision on the hearing. Are you absolutely confident the judge will award the case to you? There is an uncertainty factor.

There are legal and court fees and other expenses involved to make it to the court. These fees will start to pile up the more court hearings go. These fees may end up higher than the costs of whatever you are trying to claim. If you win, good. If not, you eat your own legal fees plus pay the other party's legal fees. Given the presence of uncertainty, stakes are high, don't you think?

 

So don't think sueing people will get the job done or assure you of anything. It is better to be wise, exercise proper trust and handling the matter in the first place.

[ArWeN]

My advice is not to do any coi at all. Even among friends can backfire.

[dnotorious1605199391]

c.o.i? dun even tink abt it.its better to transwer ownership rather den to let e otha party to c.o.i...juz get tryin to gt ova my nitemare n yet still solving it bit by bit.

[contrarian]

If Lawyer iz involve then they will Sent him a Letter 2 attend Court if he decides 2 RunAway

 

Send him letter to attend court? Untrue. There is no such remedy for failing to pay a debt.

[ulysses_sc]

Why the hell do riders keep wanting to do this COI thingy, when the risks are so damn high?

 

If the finance company has a contract with A, it does not matter if A has an agreement with B to COI, because the debtor is still A in the finance company's perspective.

 

So you have an agreement with B. What good is there to sue him to recover costs? At most B declares bankrupt. A is still screwed.

 

I'll not even go into implications with various authorities.

 

Bottomline - don't commit deals that you cannot swallow.