What kind of guarantees is mentioned in vehicle sale agreement?

Buying a car is always a tricky situation as a consumer because of the uncertainty of what you are buying. Not just the old cars but new cars may also contain flaws as per your desire and requirements. Legally you as a consumer can cover yourself by negotiating comprehensive warrantees and then document them in a form of a vehicle sale agreement. These warrantees are related to the engine run time to security system. A comprehensive and well drafted agreement provides ample space for fall back mechanism in case there are any difficulties after you acquire the car. As seller one must be care full while committing to the warranties because you need to honor them in the future, so one must be aware of draw backs and faults of the car while selling it.


Following are few warranties rendered for the new cars
• Car needs to be of promised quality - safety, durability and free from defects
• Acceptable in appearance and finish and perform as expected.
• Car needs to be fit as per the purpose is promised.
• Demonstration model and sample car will match the actual one.
• Advertised description of the car needs to match the actual one.
• Honoring of express warranties.
• Provision of spare parts and repair facilities need to be rendered for a reasonable time.

When it comes to old cars different set of warranties are required. In some cases the cars are not paid off. Or it might turn out the car is not up to the safety and fitness standards. Common warranties rendered for used cars are as following

• Title(Owners name is must) to the goods
• Undisturbed possession of the goods(Pay off and other issues)
• There are no undisclosed securities on the goods. Before you purchase a used car, you should always check the Register of Encumbered Vehicles (REVs) in the state or territory where the vehicle is registered to confirm whether there is an outstanding debt on the vehicle. By doing a REVs check, you can confirm whether the vehicle is clear of any encumbrances (i.e. unpaid debts). A clear REVs certificate on the day that you are purchasing a used vehicle protects you from repossession due to a previous owner's unpaid debt. To do a REV check, you may need to supply the following vehicle identifiers:
• Registration number.
• Registration state.
• Engine number.
• VIN/chassis numbers.


What should be the contents of vehicle sale agreement?
 vehicle selling contract is quite a negotiable entity and it solely depends upon comprehensive understanding between the buyer and the seller. For general idea following contents are included in the agreement but again it depends on the circumstance • Specifications of the vehicle. • Agreed terms. • Warranties by the seller. • Pay off mechanism.

Is it legal to allow you guests on boat if you are in boat share agreement?

A boat share agreement is a legally binding document which enables a boat owner to share his boat to any individual or group of people for a specified time solely for leisure purposes. During the course of time when the boat is under sharer use he is entitled to fair use of the boat which includes he can invite guests on board provided they are not causing any damage to the boat. This is simply a matter for negotiation. Also for your friends safety it is good to have a boating license which can be obtained after passing boating regulatory tests as it enables you to sail safely.

Good thing about boat share agreement is the document is open for flexible options. Still then in order to formulate fall back mechanism it is good to negotiate terms. It depends on boat owner and acquirer willingness to open up on options as for acquirer a boat sharing is a good option instead of paying a lot in maintaining and owning a boat. Few of the aspects while negotiating an agreement includes whether the owner will provide its own help on board provided if the sharer is not aware of sailing the boat or how the handover will be conducted after the use of the boat.

Similarly terms like how many people can be accommodated on the boat. The parties might also agree to set morning/afternoon/evenings, half days or whole days every week as per acquirer and owner discretion.

Following are the few more key aspects that need to be elaborated while entering into the agreement.
• Terms of beneficial interest - beneficial trusts provision.
• Price and payment for the Boat.
• How many people allowed into occupation at one time and who they may be.
• Who and how will manage payment of expenses.
• Management of the Boat.
• Undertakings by the parties.
• Alternative exit strategies.
• Effect of termination.
• What if someone wants to sell his share or sell the Boat?
• Other legal provisions.

 Boat sharing can be of two types one that I mentioned above is on small scale and require less comprehensive legal documentation. All you need is a simple yacht share which involves the boat owner and one or more than one acquirers who co-own the boat on limited basis. You can enjoy the sailing experience for a small percentage of the cost, and forget about the hassle of cleaning, berthing, insurance and maintenance. For busy professionals or people with young families, it’s a very appealing idea. Its hassle free and require less litigation and if you enjoy better relations with boat owner it’s even better. Second type of boat-share scheme is any arrangement involving the shared use of a ship and boats on commercial basis. These are variously referred to as fractional ownership, time-share, syndicates, and club share, boat share and trust schemes. Ships and boats are jointly owned and registered in the names of persons with equity in the ship.

Many management entities operating or associated with boat-share schemes are legally considered to be the owner of the vessel, because the company exercises the powers of the owner and allows it to be operated by members of the scheme. You should carefully consider all the legal and financial obligations before putting ink to binding boat-share or membership contract if you plan to join a private syndicate. Also you need to know what you might owe or be liable for if the syndicate meets an untimely end. Though litigation in this case is lengthy but equity holders and syndicate must formulate and sign agreement. Also as equity holder you should know where the boat will be moored and if your contract gives you reciprocal rights on other boats or fleets. Apart from that happy sailing and enjoy your ride.

Can you assign option right to third party in case you are unable to honor option period

As per Australian law any buyer while exercising option over land or any property; most likely can assign its benefit to a third party. This means that if you can't buy the property, you can assign the option to somebody else, and they can buy the property according to the terms of the contract. In other words, they can take your place in the deal. You can let your kins to buy the property, or you can assign it for a fee to someone, and if negotiated can get your option fee back from your assignee.

Call options over land are now a days becoming very common in real estate developers as it provide a chance to earn big dividends. Let suppose if you are anticipating investing in fast food joint at a place where there are considerable youth based businesses and there is a chance of business success in the future. Due to lack of finances at the moment you might not be able to buy a property at the moment but the thought of losing the proposed business sight to another buyer bothers you as well.

So you simply lure the owner in to signing an land option contract by offering him an option fee in case you are not able to buy the property in specified period of time. This way you can setup and run the business during the course of option. And also to remain on safe side you assign an assignment (Kin, friend, close associate or third party), who will buy the property in case you are unable to buy the property in specified time. This way you might enter into partnership with the assignment in the future while remaining associated with your investment. But while formulating the agreement if the seller is against the idea you need to drop this clause, the contract must prohibit an assignment.

To be fully effective, a prohibition against assignment must be drafted with care. Option overland agreement is suitable for any type of land - field, farm, shop, garage, house, derelict site, or other land. In case you are ready to buy the property; the main thing to consider is the date of the sale agreement should be the date the option is exercised.

Apart from assigning assignment what else needs to be considered while formulating the option agreements
Every business deal requires a comprehensive agreement which covers all the aspects required to complete the deal while removing doubts. An option to buy anything except land or financial instruments is a transaction you can negotiate without interference from the law. You can buy an option to buy a domain name, a patent, or a car under any terms you like. To protect yourself however, you must have a water tight written agreement.

This is particularly important for an property option contract because so often, the optioner takes some action to either commit to the purchase or enhance the value of the subject matter. Either way, the seller would be tempted to change the terms if you had not tied him down. While preparing a contract you might consider these matters:
• Parties included in the deal and their information.
• Land.
• Option fee and professional fees involved to complete the process.
• Period of option to be exercised
• Conditions precedent to the grant and exercise of the option.
• Caveat.
• Assignment: In case buyer is unable to exercise option he will nominate third party to exercise option.
• Sale Agreement if the option is exercised.
• Price which may be fixed for all time, or be variable during the option period. The legal requirement is that the price be known, or be negotiable.
• Disclosure notice: If local law obliges a seller of land to give a buyer a disclosure document, the option contract might require that to be done in the period between the date the option is exercised and settlement day under the sale agreement.

And what are the contents of a comprehensive option agreement? 

Following are the components that formulates the agreement
• All the variable matters in one place for ease of completion.
• The essence of the agreement.
• Calculation of price or additional price or extended option.
• Confidentiality.
• Indemnities.
• Many other usual provisions to protect your interest.
• Property and option details.
• Provision for buyer to nominate the purchase to someone else.
• Sellers warranties as to the current planning status of the land.
• An optional director’s guarantee, in case the seller is a company.
• Inclusion of any unregistered rights over adjacent land.
• A separate notice letter to exercise the option
• Property and option details.
• Registering the option.
• Assignment.
 • Buyer’s warranties.

Facts and Key Points of A Distribution Agreement

A distribution agreement lays down the different rules and requirements under which a manufacturer can have its products distributed by a specialist distribution company. The agreement will also specify the rights and obligations of the parties to the agreement.

When Do You Need A Distribution Agreement?
Generally, manufacturers should only look at entering into a distribution agreement once they have the final product that they want to release to the market.

Why Do You Need A Distribution Agreement?
Promoting and selling products can be challenging for manufacturers, especially for those that either have no experience in distribution or lack the necessary infrastructure, resources and funding. Whereas, specialist distributors are usually well established and have developed networks of retailers in their portfolio. You can significantly benefit from distributors, whether in terms of negotiating better rates or reaching difficult territories.

Key Points Of A Professionally Drafted Distribution Agreement

Expand Gradually
Align only with a new distributor if the distributor is proven in a territory. Furthermore, make sure that you assign a territory that is not too large initially.

Termination Of Distribution Agreement
The best distributor agreement allow for termination for cause and for termination for convenience. Under this clause, a termination notice requires a 30 days’ notice period. The clause and responsibility for cause need not be argued, helping all parties to focus on their respective objectives. Additionally, the distributor agreement must spell out responsibilities of both parties during and after the life of the agreement.

Annual Termination And Semiautomatic Renewal
This is a routine procedure among experienced players and requires no cause when placed in effect. Under this point, the agreement provides for opportunities to call for termination of the agreement, usually at the end of the first full calendar year and thereafter, after the agreement is first placed in effect. A Notice of Intention to Not Renew is required 30 days before the year-end.

Exclusive Or Nonexclusive
There are times when distributors require an exclusive territory as an incentive to allocate adequate resources. Proceed with care here, and find alternative ways to promote performance in agreements without restricting yourself or the distributor.

Price Fluctuation
To protect yourself in uncertain economic times, for example during periods of inflation, you need to ensure that you have the opportunity to pass along any increases in cost. Fundamentally aggressive price increases are by law not allowed. A well-thought out distribution agreement can ensure that it allows you and the distributor a price increase, when necessary, by simply serving a 30-day notice. This greatly reduces any opportunity for conflict whilst maintaining the principle of fairness in the partnership.

Conclusion
Distribution agreements are important to maintaining a successful relationship between a distributor and a supplier. A poorly drafted distribution contract often leads to a legal skirmishes that takes up unnecessary resources including management time, financial resources and legal representation and proceedings.

A well-written agreement will help eliminate these stresses and allows the distributor and manufacturer to focus on things that matter.

Net Lawman Australia can help you with professionally drafted Distribution Agreements for your specific situation. Net Lawman Australia does this by ensuring that you understand real law in plain English.

Key Components of A Business Partnership Agreement

The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. It is an independent Commonwealth Government body, and is not only set up under the Australian Securities and Investments Commission Act (ASIC Act) but also administers it. It carries out most of its work under the Corporations Act.

Establishing a business is a challenging undertaking. And so, business owners end up neglecting a vital step in the process of securing the future success of their business – a business partnership agreement. This article will aim to answers some of the more commonly asked questions regarding these agreements and will attempt to outline the benefits of the agreement.

What Is A Business Partnership Agreement?
This agreement is a written document between the partners of a business, and is best prepared at the start of a business. It ensures key points about the business are covered including business funding, business structure, business management and business direction. It further outlines the various responsibilities and obligations of the partners. It is also designed in a way to determine issues in advance and the ways to deal with them should they arise in the future.

Why Do You Need A Business Partnership Agreement?
The agreement is a legally binding document that can help avoid or minimise risks to individual partners in the event of any future dispute. Because every business is unique and every partner is different, a professionally drafted business partnership agreement can help in minimising the potential for conflict by helping to manage its unpredictability and its cost.

Key Components Of A Business Partnership Agreement
A valid and a legally binding partnership agreement will be unique to your situation and will generally specify details of the following key components:
• Detailed structure of the senior executive team
• Rights and obligations of each partners
• Details of how any deadlock will be resolved
• Financial arrangements, including details of banking, accounting and auditing
• Profit and loss share of each partner
• Details of how profits and losses will be distributed
• Details of each partner’s contributions
• Business structure, direction, and objectives
• Partner salaries and benefits
• Separation of the partners in the event of a partner’s death or if a partner wishes pursue other opportunities • Partnership agreement termination or cancellation
• Details on matters relating to a business sale or buy-out
• Restrictive covenants

 What Happens If A Partner Leaves The Business?
The agreement should take this factor into consideration and provide specific provisions for situations when a partner leaves the business. It should identify requirements for the termination and/or cancellation of the agreement by a partner. What is important to note is that even if the business partnership seemingly agree on everything and the thought of ever running into disputes or any kind of conflict in the future is implausible, having a professionally drafted business partnership agreement will ensure that the goodwill of the partners and the business is kept intact with the protective features of the agreement.

Net Lawman Australia offers a comprehensive library of legal documents, including Business Partnership Agreements and Shareholder Agreements that are remarkably simple to use for all your legal documentation needs. Whether you wish to use these documents on an as-is-basis or edit them according to your requirements, Net Lawman Australia has made it very simple for you to understand real law in plain English.

How Do Consultancy Agreements Help Protect Both The Client And The Consultant?

Consultancy Agreements are also known as Consulting Contracts or Consult Agreements. These agreements are commonly used when one party a client hires another party who acts as a consultant for the client in order to perform specific tasks on their behalf in exchange for a pre-agree upon fee.

One of the most argued elements in a Consultant Contract is the treatment of intellectual property rights. For example, a consultant will usually be the first copyright owner of a product created during consultancy work for a software product. Therefore, a properly written contract must specifically indicate whether the copyright in the work product is retained by the consultant or assigned (i.e. transferred) to the client. Additionally, if the work product is retained by the consultant, then it should specify if it will be licensed to the client. Licenses can be on an exclusive or of a non-exclusive basis, and the work product may have various intellectual property rights which may require different handling.

Clauses, that make a Consultancy Agreement robust and well thought-out, include covering the full scope of services, the duration of the work, payments, fees and expenses, data protection compliance, information and approval, intellectual property, liability, and other relevant terms that help ensure protection for both parties involved in the work.

Following are the essential items that should be part of a properly drafted Consultancy Agreement:

• Definitions of service
• Appointment By The Company Of Consultant and Consultant’s Fees
• Covenant And Representations By The Consultant
• Use of Company's Facilities
• Guarantees And Indemnity By Consultant
• Confidential Information
• Intellectual Property
• Non-Compete and Non-Solicitation
• Termination, Cancellation, and Notice Period
 • Contract Termination method and reasons
• Post Termination Payments
• Return Of Confidential Information Or Other Company Property
• Survival Clauses
• Consultant’s And Employee’s Obligations Towards Each Other & The Company
• Notices
• Whole Agreement
• Governing Law And Jurisdiction
• Severability

A Note On Intellectual Property In Consultancy Agreements
Intellectual Property is considered to be one of the most contentious issues in a consultancy agreement. The work product of a consultant will usually be protected by copyright (e.g. if the consultant is producing written reports or software code). The consultant will be the first owner of that copyright.

The consultancy agreement should specify whether the copyright in the work product is assigned (i.e. transferred) to the client or retained by the consultant - and if it is retained whether it will be licensed to the client. Licenses may be granted on an exclusive or non-exclusive basis. Often, the intellectual property rights in the different elements of the work product will required different treatment.

The consultant may be an individual or a company. It may in some cases be important - for both consultants and their clients - to ensure that a consultant does not become an employee of the client.

Many Names. One Purpose
Although Consultancy Agreements are also commonly referred to as consultancy contracts, letters of consultancy, agreements consultancy, consultancy document, consultancy agreement, forms consultancy, form for consultancy, the fundamental purpose and scope of these documents remain the same – to lay down specific guidelines by which the consultant and the client are well-protected and that both parties get the results as per agreed terms and conditions of the contract.

No matter what name you use to identify these contracts, Net Lawman Australia understands that there are various factors to be considered when using ready-to-use drafted consulting agreements and contracts, and provides specific and professionally drafted consultancy contract templates which you can also customize and adapt according to your specific situation, without losing out on the important elements of the contract.

Why Should you Consider a Prenuptial Agreement?

Pre nuptial is agreement that is made between the couples before the marriage to decide the issues about assets. It is used to preserve the property which is owned by the individual party prior to the marriage. It is the beauty of the document that it not only protects the current assets but also protect the future assets. Your plan for all sorts of things in life that are pretty unpleasant like your Will and life insurance, so why not think about a prenuptial agreement. Mostly, the disputes between the couples arise on the financial matters. So, prenuptial agreement provides the solutions to all financial matters. It promotes the healthier relationship between the couples. It guarantees that relationship is entirely based on love and parties want to continue the relationship without considering the each other assets.

Net Lawman provides the comprehensive pre nup agreement. Such as:

The ante nuptial agreement also provides the chance to couples to negotiate all the issues prior to the marriage. So that, taste of their marriage cannot be diminish. It ensures the smooth running of the married life. Each couple must enter into prenuptial agreement before the marriage because it ensures the successful, happier and lovely matrimonial life.

Pre nuptial agreement give the opportunity the party to decide their assets otherwise their assets will be divided equally between them. Prenuptial agreement supports the matrimonial relation because marriage is not only a physical or emotional bond, but it is also a financial union. Each party must describe his assets in great detail into the agreement. Prenuptial agreement is also known as pre marital, ante nuptial agreement.

What is law about pre nuptial agreement?
The pre nup agreement in the Australia are called binding financial agreements. Prenup agreements are legally enforceable in Australia. Family Law Act 1975 validates the pre nup agreements in Australia. It allows the couples to enter binding financial agreement before the marriage to decide the issues about divisions of their assets. It is the legal requirement that both the couples must seek the independent legal advice before entering into pre nup agreement. If both parties have failed to do so then the agreement will not be legally binding. The court has power to declare this agreement invalid if circumstances have changed making the agreement impracticable to be carried out.

For a pre-nuptial / financial agreement to be legally binding, both couples must:-
• Signed the agreement in the presence of witness; and
• Receive the independent legal and financial advice about the implication of the agreement.

You can cover all issues in pen up agreement like the division of assets and spousal support arrangements. This agreement must be drafted in accordance with section 90B of the Family  Law Act 1975. Be sure to sign plenty of time before the marriage so that it can be proven that the contract was not signed under pressure.

Application and features
 
• Suitable for any couple, about to be married;
• Written in plain English – no legal jargon;
• Explanatory notes to guide you at every stage;
• Back up support and advice available;
• DIY today, no solicitor’s fees

Prenuptial Agreement
Suitable for any people getting married in the future. Includes references to financial accounts, houses, other property, furniture, utility bills.

When Do You Need A Loan Agreement?

In essence, cash loans come in very handy at time of need, but due to the nature of this facility, they can cause an uneventful situation into an extremely dangerous one. Most of the time this happens because either the borrower cannot pay up the loan or the borrower failed to read between the lines of the terms and conditions of the credit facility. The latter reason is when you should pay particular attention to the document otherwise known as a Loan Agreement. It is therefore very important that you understand your own situation. And accordingly, before you go ahead and take that leap of faith, Net Lawman Australia advises that you first get acquainted with this introductory guide on the subject.


What Is A Loan Agreement?

It is a legal obligation that entitles a lender to be paid the principle amount plus any interest by the borrower pursuant to the terms of the agreement. In the Australian Courts, the agreement is a legally binding contract and is enforceable by the courts. The agreement will offset all and any argument regarding the loaned amount as a gift. This is important in particular where family or friends are involved in the transaction.

When Should You Have A Loan Agreement?

If in a family, you will need a loan agreement if your partner fails to recognise that the amount you lent him/her was not a gift, but instead was a loan from you to him/her. Furthermore, if in a relationship that is at its end, and you happen to loan an amount to your partner that you consider as significant, and you think your partner will claim it as a gift, then you must have a loan agreement prior to the transaction. Otherwise it can become extremely difficult and costly to remedy. If between friends, then you definitely need a loan agreement, as friends often joke around with money, and you realize that one day the joke is on you, as your friend has simply refuses to repay you or simply ignores you.

If in a business, you will need a business loan agreement while lending funds to the business to avoid any unforeseen incident where you will end up holding the wrong end of the rope. A Loan Agreement is a very useful legal instrument that can be drafted to defend against any of the scenarios mentioned above.


Conclusion

A lot of unnecessary and time and resource intensive situations can be mitigated by having a Loan Agreement in place. The agreement lays down the foundations of the rules on how you can control repayments plus interest (if any) that are to be repaid to you. Consider it as a business record which can become an absolute necessity in some other instances, whether for legislative compliance, tax purposes, or accounting practices. And even though this agreement may not necessarily provide protection against bankruptcy of the borrowers, a Personal Loan Agreement will play an important factor in how the repayment of your loans turn out when financial pressures mount.

 Net Lawman Australia provides you comprehensive agreements for an unsecured personal loan. It primarily protects the interests of the lender with standard terms and a large menu of additional provisions from which you may select. With full money back guarantee and guidance notes included, you cannot go wrong with it. 

Net Lawman Australia helps you understand real law in plain English.

Highlights of Separation Agreement

 Separation agreement is a legal and useful document. It does not end the marriage. It maintains the relationship of husband and wife between the couples. It is a document that avoids confusion and misunderstanding between the couples about the division of assets. It is always very important and sensitive matter to decide about separation from your life partner. You must consider all aspects before making this decision. The most unpleasant event in the life is divorce. So, it maintains the matrimonial relation. Separation Agreement made between the couples to decide about the division of the assets and child related issues. It provides the opportunity to you to decide about your financial and children related matter. Otherwise, court will take action to decide these issues.

Highlights
• It authorizes the partners to decide the formula about the division of assets.
• It also gives the opportunity to the couple to decide who will care the children.
• It also provides the opportunity to the couple to decide who will live in family home and how the other property will be divided.
• It also provides the chance to the couples to decide what will happen to joint bank accounts.
• It is a complete document that avoids the disputes and difference between the couples.
• It provides the friendly way for separation.
• Its importance cannot be ignored because it does not break down the marriage and does not create the conflicts between the couples.
• It let the couple to decide about the fate of children and assets by their mutual consent.
• It is not mandatory for the parties to obtain the court order about the division of the property and assets. It must be in written form so that no one thinks to deviate or breach the terms of the agreement.
• It is also called the divorce separation agreement.

What is law about separation agreement?

Separation is occurred when spouses stop living together in a marriage lie relationship. The Family Law Act 1975 Sect 49 defines separation as:

• The parties to a marriage may be held to have separated notwithstanding that the cohabitation was brought to an end by the action or conduct of one only of the parties.
• The parties to a marriage may be held to have separated and to have lived separately and apart notwithstanding that they have continued to reside in the same residence or that either party has rendered some household services to the other.

It is mandatory for separating couples to seek independent legal advice before entering into this agreement. The couples can live in the same house as a separating couple if they do not share bed room and do not attend the social meeting together. It is valid, enforceable and legally binding agreement between the couples. It is made between the couples to record their intention about the division of assets and child custody matters. It must be drafted by following the requirements of Section 90C of the Family Law Act 1975.

Application and features

• A married couple wanting to separate but not necessarily divorce yet;
• A married couple wanting to divorce soon but also wanting the security provided by this legal agreement;
• An unmarried couple wanting to ensure a clean break can use this document.

Net Lawman provides the up to date separation agreement. Such as:

Separation agreement
All embracing, fair and effective written agreement suitable for a married couple who wish to record the agreement that they have reached in relation to their finances.