Agreement Letter.

[stallionz]

hey guys... im giving away my bike s4 ver s for free.. it means im asking anyone who can take care of this baby.. but since, i can't self off, so i need somemone to take over.How is the procedure to do an agreement letter ? coz my friend maybe is taking over my bike, and he wants to pay installment and being added as subrider under me, so i need to do an agreement letter stated that no 2nd thoughts wud be made or even if he went MIA and i still had to pay the bike.Pls help me thanks guys!

[williamleesg]

the agreement letter can be type out urself.. stating all the terms and conditions both party agreed to.. then sign and fingerprint.. best if got witness to sign too..

[stallionz]

the agreement letter can be type out urself.. stating all the terms and conditions both party agreed to.. then sign and fingerprint.. best if got witness to sign too..

 

ok.. so if agreement done , the new taker of my bike failure to comply, whom can i bring this letter upon ?

[redname]

its wld be beter to get an official stamp for this. there's a government office doing this, with the stamp it becomes a contract. go search on this, it had been discussed b4

[BlackBandit]

Actually, don't need a government stamp or a lawyer. Waste of money.

 

Whatever agreement you have between both parties is legal binding of both have a mutual consensus.

 

But usually, you pen out the agreement between both parties is to expedite whatever legal proceedings which may arise from the breach of contract.

 

But my advice, COI only if you really trust your friend or you know that he can afford it. Best if he can enlighten you on his finances. I've seen friends screwing friends over many times before.

[wX]

Be aware that, even with this "legal" document that the both of you signed, it is transparent to the finance company. In the case of a default payment, the finance company will come after you.

 

You will have to, on one hand, settle the loans with the finance company, and on the other hand, bring your "friend" to court with the legal document. This will definitely involve spending of more money, and of course, time consuming.

[redname]

Actually, don't need a government stamp or a lawyer. Waste of money.

 

Whatever agreement you have between both parties is legal binding of both have a mutual consensus.

 

But usually, you pen out the agreement between both parties is to expedite whatever legal proceedings which may arise from the breach of contract.

 

But my advice, COI only if you really trust your friend or you know that he can afford it. Best if he can enlighten you on his finances. I've seen friends screwing friends over many times before.

 

well, if u can't even spare a few dollars for tht stamp then its fine with me.

 

but frankly speaking, its better to have a legalised contract, even with jus having a stamp for the letter written.

 

having mutual undertanding and trust isn't really enough, we need to have something solid to prove.in this world, unexpected things really do happen. dnt tok even abt frens, even father and son also can sue each other

[blast3dGaL]

An simple agreement via a recognised lawyer will cost you about $250... That was what my lawyer friend quoted me la..

 

I agree with redname.. Anything can happen.. so make it a legalised contract...

[ben1112]

motorshop able to make agreement letter anot?

[GuiNNeSS]

For one thing, COI does not mean that if the subrider MIA, the original owner is not liable to complete the unpaid installments. Because the original owner already have a pre-existing contract for the installments.

[contrarian]

well, if u can't even spare a few dollars for tht stamp then its fine with me.

 

but frankly speaking, its better to have a legalised contract, even with jus having a stamp for the letter written.

 

Tell me, how do you stamp a contract at the government office?

 

I would like to know because I tried to stamp a share sale agreement last month, and the Commissioner of Stamp Duties would only stamp the transfer, not the agreement! Not just any ordinary contract, but even a deed couldn't be stamped!

 

Singapore doesn't use a civil law system, where contracts are signed by notaries public and that one copy kept with the notary is considered a good copy.

[BlackBandit]

well, if u can't even spare a few dollars for tht stamp then its fine with me.

 

but frankly speaking, its better to have a legalised contract, even with jus having a stamp for the letter written.

 

having mutual undertanding and trust isn't really enough, we need to have something solid to prove.in this world, unexpected things really do happen. dnt tok even abt frens, even father and son also can sue each other

 

Dude,

like contrarian mentioned, we don't go by that system. Even if you have a government stamp on it, the legal hassle is still the same. Even without a stamp, the agreement is still recognised if signed by both parties. (For that case, even verbal agreements are still valid if one party can prove that such an agreement exists, eg. receipts or proof of payment by the other party)

 

A stamped or unstamped agreement is the same. Only makes it look more valid and pretty.

 

If you're still doubtful about this, then get an agreement drafted by a lawyer so there'll be no loop-holes. But when things get bad, the process of civil litigation is still the same as a crudely drafted agreement.

[stallionz]

thanks everyone... anyone has a sample of a agreement letter ? i need to prepare it for the new buyer of my bike.. would appreciate if anyone attach it here.. or pm me .. thanks again!!

[DeNgFoNg]

well, if u can't even spare a few dollars for tht stamp then its fine with me.

 

but frankly speaking, its better to have a legalised contract, even with jus having a stamp for the letter written.

 

having mutual undertanding and trust isn't really enough, we need to have something solid to prove.in this world, unexpected things really do happen. dnt tok even abt frens, even father and son also can sue each other

 

ya i agree with you , its better to check out his financial status before you ask him to carry on if not later part anything goes wrong it will be very awful . just my 2 cents tot .....

[swoosh]

Dear TS

 

You have a HP agreement on this bike with the motorshop. Whatever agreement you have over the same bike with a 3rd party has no legal implication on the original HP agreement.

 

Such a agreement has a lot of disadvantages:-

 

1) Friend disappears, you still pay instalments

2) Friend disappears with bike w/o paying instalments, you have to look for bike and continue to pay instalment.

3) Instalment not paid, bike repossessed by shop and later sold by shop you have to top up the difference.

4) Friend accumulate summons and fail to pay summons you also have to answer to TP.

5) Road Tax not paid you answer to LTA.

6) Friend whacked the bike until jialat jialat and later tell u he dun want it any more and return to u. You are back to square 1

7) If any of the above happens you lose a friend.

 

In a nutshell, you have to ask yourself this question before you embark on this route to get rid of the ride. Are you prepare to exercise your rights in the mutual agreement if your friend fail to make payment? Do you have the time and resources to pursue the matter?

[WildCard]

Dear TS

 

You have a HP agreement on this bike with the motorshop. Whatever agreement you have over the same bike with a 3rd party has no legal implication on the original HP agreement.

 

Such a agreement has a lot of disadvantages:-

 

1) Friend disappears, you still pay instalments

2) Friend disappears with bike w/o paying instalments, you have to look for bike and continue to pay instalment.

3) Instalment not paid, bike repossessed by shop and later sold by shop you have to top up the difference.

4) Friend accumulate summons and fail to pay summons you also have to answer to TP.

5) Road Tax not paid you answer to LTA.

6) Friend whacked the bike until jialat jialat and later tell u he dun want it any more and return to u. You are back to square 1

7) If any of the above happens you lose a friend.

 

In a nutshell, you have to ask yourself this question before you embark on this route to get rid of the ride. Are you prepare to exercise your rights in the mutual agreement if your friend fail to make payment? Do you have the time and resources to pursue the matter?

 

 

He is right.

You can COI, pay lawyer $$$ to draw up an agreement and such to let the subrider ride the bike.

But legally, you are still the owner. Any hassles (late payment, offences, fines, etc), the owner will be approached first, and foremost, and will be the defendent in any major legal issues.

The agreement between you and the new owner simply gives you a right, minor one, to go after him should he breach the agreements, not take over the legal rights and responsibility of the bike. Meaning, only you can go after him if, for example, he defaults on too many installments. The shop will not care about any agreements between you and him and will simply go after you.

There are far too many loopholes and ways the new owner can get away when problems in looking after the bike appears (financially or legally). Even if you successfully go after the new owner, the time taken, resources needed and damage done by the shop or legal authority to you will be far higher than what you can claim from him.

 

The best is somehow or rather get the bike to be transferred to the new owner. A clean-break.

Otherwise, COI the bike to someone damn close and can trust whom you can monitor closely for any hassles or issues (brother, close relative staying nearby, etc). But, even then, its still not 100% safe.

 

I ever seen an agreement between 2 riders over a COI deal turn ugly over a miscommunication over late payments.

Best part is, I got dragged in coz I was frens with both riders, even though I had nothing to do with the bike or transaction.