Agreement Letter for COI

[Dino Bravo]

hi all, I'm sure that most if not all of you know that C.O.I (carry on installment) is quite common as most bike shops does not allow you to transfer the ownership until all installments are cleared.

I am planning to let another rider ride my bike on C.O.I terms.

Need your valued advise on this matter especially from those who had an agreement letter done before. Or those in the legal firms and sectors.

there are a number of questions i would like to ask.

 

1)Is a lawyer needed to draft the letter? or can i do it myself?

 

2)would such a thing as a personal agreement letter be VALID if used to take action against any breach of agreement?

Some would say that even with an agreement letter, it is almost as good as useless. Some say that it is valid. could someone go into the details of this point?

 

3)If i need to take legal actions, how should i go about it? who to go to, how to "start the ball rolling"?

 

4)I understand A Neutral witness is necessay in the agreement? How else can a witness be neutral, its either you know him, or i know him. either case, its not neutral unless he/she is a total stranger. My best bet for a neutral witness would be a qualified lawyer who drafted the agreement letter for you. any other suggestions?

 

**I understand that in terms of overdued installments, summons, and all other issues would still be directed to me as i'm still the OWNER of the bike.

I will take counter measures and include certain clauses in the agreement regarding these issues.

That is the reason why i am seeking advise on agreement letter.

As long as it is valid, i have no worries no matter how much trouble it's gonna take me.

 

Need your valuable inputs please bros... Pls advise on issues that you are sure of, and not from things you heard from friends and people. This is very important to me. Thanks alot guys. I appreciate it!

Cheers!

[pyro13]

u need a lwayer and the cost is 300 bux...its best if u do it thru a lawyer

[hailang_82]

U can try to see whether is there something called commissioner of/for oath.

 

He helps to sign things. Applicable in msia. Not sure abt spore. But u must draft ur own letter.

[pyro13]

seriously, get a lwayer.. its better and at least wen d summon letter comes to ur place..u wun be worried if tat person runs away

[Dino Bravo]

Originally posted by pyro13@March 04, 2007 12:46 am

seriously, get a lwayer.. its better and at least wen d summon letter comes to ur place..u wun be worried if tat person runs away

any lawyer firms or lawyers to recommend?

last i went to was HOH and partners lawfirm (something liddat, can't excatly remember the name).

They say no such thing, they not willing to deal with me. they don't even know what it is, a personal agreement.

Then i explained to them, they said that even if so, the agreement will not be valid and applicable when used in court. and is deemed as good as useless.

i was like WTF, then if liddat how come so many pple go draft agreement letter?

I was and am still wondering if what they said was true, its useless...

or they dun wanna deal with a small fry like me?

 

i know that summons and all troubles will not automatically be directed to subrider. it still comes to me first. this is not my concern. my concern is that although it comes to me, i have valid documents to prove that he has agreed on so and so. and am able to push all the problems he created back to him to settle should things turn ugly.

in other words, i've got my backside covered. any place to recommend do a personal agreement? thanks.

last but not least, even if action is taken against the person (lets say he owes alot of $$$ from bike damage), he chooses not to pay up, and rather spend a few weeks or months in changi chalet, does it mean that i lose out everything? do i still get the damages and repairs paid by him if he chooses the hard way and go to jail.

[paiseh]

Originally posted by Dino Bravo@March 01, 2007 12:58 am

hi all, I'm sure that most if not all of you know that C.O.I (carry on installment) is quite common as most bike shops does not allow you to transfer the ownership until all installments are cleared.

I am planning to let another rider ride my bike on C.O.I terms.

Need your valued advise on this matter especially from those who had an agreement letter done before. Or those in the legal firms and sectors.

there are a number of questions i would like to ask.

 

1)Is a lawyer needed to draft the letter? or can i do it myself?

 

2)would such a thing as a personal agreement letter be VALID if used to take action against any breach of agreement?

Some would say that even with an agreement letter, it is almost as good as useless. Some say that it is valid. could someone go into the details of this point?

 

3)If i need to take legal actions, how should i go about it? who to go to, how to "start the ball rolling"?

 

4)I understand A Neutral witness is necessay in the agreement? How else can a witness be neutral, its either you know him, or i know him. either case, its not neutral unless he/she is a total stranger. My best bet for a neutral witness would be a qualified lawyer who drafted the agreement letter for you. any other suggestions?

 

**I understand that in terms of overdued installments, summons, and all other issues would still be directed to me as i'm still the OWNER of the bike.

I will take counter measures and include certain clauses in the agreement regarding these issues.

That is the reason why i am seeking advise on agreement letter.

As long as it is valid, i have no worries no matter how much trouble it's gonna take me.

 

Need your valuable inputs please bros... Pls advise on issues that you are sure of, and not from things you heard from friends and people. This is very important to me. Thanks alot guys. I appreciate it!

Cheers!

hey i got a copy template drafted by a lawyer fren of mine. according to him, so long:

 

1. there r ONLY 2 copies of black and white

2. with seller's signature, buyer's signature

3. seller's witness above 21 yrs old

4. buyers witness above 21 yrs old

 

den it is valid already. sms me for more details bravo dude.

[paiseh]

Originally posted by Dino Bravo@March 04, 2007 10:47 am

any lawyer firms or lawyers to recommend?

last i went to was HOH and partners lawfirm (something liddat, can't excatly remember the name).

They say no such thing, they not willing to deal with me. they don't even know what it is, a personal agreement.

Then i explained to them, they said that even if so, the agreement will not be valid and applicable when used in court. and is deemed as good as useless.

i was like WTF, then if liddat how come so many pple go draft agreement letter?

I was and am still wondering if what they said was true, its useless...

or they dun wanna deal with a small fry like me?

 

i know that summons and all troubles will not automatically be directed to subrider. it still comes to me first. this is not my concern. my concern is that although it comes to me, i have valid documents to prove that he has agreed on so and so. and am able to push all the problems he created back to him to settle should things turn ugly.

in other words, i've got my backside covered. any place to recommend do a personal agreement? thanks.

last but not least, even if action is taken against the person (lets say he owes alot of $$$ from bike damage), he chooses not to pay up, and rather spend a few weeks or months in changi chalet, does it mean that i lose out everything? do i still get the damages and repairs paid by him if he chooses the hard way and go to jail.

it is very obvious tat they dun entertain u. agreement letter is usually thru a bike shop. the bike shop itself has a lawyer supporting them.

 

but usually agreement letter at bike shop costs around $250.

 

no matter wat, the owner of bike still bo hua coz

 

1. if sub rider buang, no $ repair, bike dun care put there, u kena

2. if sub rider kena fines, dun care, u kena

3. if sub rider dun pay rd tax, dun pay insurance u kena

4. if sub rider buang (touch word) and dies, u kena

[Dino Bravo]

Originally posted by paiseh@March 06, 2007 09:38 am

it is very obvious tat they dun entertain u. agreement letter is usually thru a bike shop. the bike shop itself has a lawyer supporting them.

 

but usually agreement letter at bike shop costs around $250.

 

no matter wat, the owner of bike still bo hua coz

 

1. if sub rider buang, no $ repair, bike dun care put there, u kena

2. if sub rider kena fines, dun care, u kena

3. if sub rider dun pay rd tax, dun pay insurance u kena

4. if sub rider buang (touch word) and dies, u kena

i've actually got it sorted out. but i dunno if that will be valid anot thats why.

i've actually planned to include in the clauses:

 

-that if the rider meets with an accident, he is liable for all costs of repair.

-if the rider pass away due to the accident, his gurantor, which i will include in the agreement, will have to bear the costs of repair or outstanding costs.

-as for summons, i'm least worried.

but rider will have to keep all receipts of summons that he has settled. if the summon and receipt is with ME, then it shows that he hasn't paid them, i paid for him.

 

if i include the above clauses in the agreement, and if he agrees, he signs them. its an agreement between two of us. if he doesn't agree he does not sign them.

he is not forced or obligated to sign them. so if he breaches any of the mentioned, he or his gurantor is liable for action taken.

if like your lawyer friend mentioned, if its valid, then i'm quite certain that i'm covered in some way or another. Will SMS you regarding this. thanks!

[paiseh]

Originally posted by Dino Bravo@March 06, 2007 06:24 pm

i've actually got it sorted out. but i dunno if that will be valid anot thats why.

i've actually planned to include in the clauses:

 

-that if the rider meets with an accident, he is liable for all costs of repair.

-if the rider pass away due to the accident, his gurantor, which i will include in the agreement, will have to bear the costs of repair or outstanding costs.

-as for summons, i'm least worried.

but rider will have to keep all receipts of summons that he has settled. if the summon and receipt is with ME, then it shows that he hasn't paid them, i paid for him.

 

if i include the above clauses in the agreement, and if he agrees, he signs them. its an agreement between two of us. if he doesn't agree he does not sign them.

he is not forced or obligated to sign them. so if he breaches any of the mentioned, he or his gurantor is liable for action taken.

if like your lawyer friend mentioned, if its valid, then i'm quite certain that i'm covered in some way or another. Will SMS you regarding this. thanks!

upz for u.

[siemens60]

Originally posted by Dino Bravo@March 06, 2007 06:24 pm

i've actually got it sorted out. but i dunno if that will be valid anot thats why.

i've actually planned to include in the clauses:

 

-that if the rider meets with an accident, he is liable for all costs of repair.

-if the rider pass away due to the accident, his gurantor, which i will include in the agreement, will have to bear the costs of repair or outstanding costs.

-as for summons, i'm least worried.

but rider will have to keep all receipts of summons that he has settled. if the summon and receipt is with ME, then it shows that he hasn't paid them, i paid for him.

 

if i include the above clauses in the agreement, and if he agrees, he signs them. its an agreement between two of us. if he doesn't agree he does not sign them.

he is not forced or obligated to sign them. so if he breaches any of the mentioned, he or his gurantor is liable for action taken.

if like your lawyer friend mentioned, if its valid, then i'm quite certain that i'm covered in some way or another. Will SMS you regarding this. thanks!

Actually, not too sure if the agreement can be valid. You will need to check your current if it is allowed to rent or sell your bike before full payment.

 

An agreement, if in the first place, is illegal, will not be valid.

[Dino Bravo]

Originally posted by siemens60@March 12, 2007 08:39 pm

Actually, not too sure if the agreement can be valid. You will need to check your current if it is allowed to rent or sell your bike before full payment.

 

An agreement, if in the first place, is illegal, will not be valid.

Hi thanks for pointing out that issue. its easy to miss out on that point.

but i figured out that letting another ride your bike with valid insurance coverage, and with a valid license class, there should be no problem.

Otherwise, how would NTUC (my insurance) in the first place allow you to add a sub rider.

its not like i'm renting it out... i'm letting this particular person, ride for long term, and in the contract, it will state that once installments have been cleared, the bike would be transfered to his name. all transparent.

so even if they wanna say that i rented out the bike, which is not legal, they couldn't say so.

as

 

1) the agreement stateds that the bike will be transfered to subrider upon completion of installments. No one with the intention of renting a vehicle out will transfer the vehicle ownership to the driver/rider.

 

2) i am not gaining a profit from letting the rider C.O.I... in fact, i made a loss... from insurance, rd tax, downpayment and all that i've paid for since day one.

So... authorities cannot say that i rented out the vehicle. The intention to rent out, is to gain a profit. in which i do not stand to gain (profit).

 

i hope i'm right in these two points. could someone with a clearer picture or better knowledge point out any misunderstanding? pointers and comments welcome

[LastDance]

Hi Bravo,

 

Any update on this agreement letter thingy?