Vehicle Release Agreement

VEHICLE RELEASE AGREEMENT

This Vehicle Release Agreement ("Agreement") is made and entered into on this by and between Releasor (Owner/Authorized Agent): , with address , and Releasee (Recipient): , with address .

RECITALS

WHEREAS, Releasor is the lawful owner of the motor vehicle described as: Year: , Make: , Model: , VIN: , License Plate: , Color: , Odometer: miles.

WHEREAS, Releasor desires to release, transfer, and convey possession and, where applicable, title in the Vehicle to Releasee on the terms set forth herein;

WHEREAS, Releasee desires to accept possession and, where applicable, title to the Vehicle and to assume the obligations set forth in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

"Vehicle" means the motor vehicle described in the Recitals above, together with all keys, documents of title in the possession of Releasor, and any accessories present at the time of physical transfer.

2. RELEASE AND TRANSFER OF POSSESSION; TITLE

Effective as of the date set forth above, Releasor hereby releases, delivers, and surrenders possession of the Vehicle to Releasee. To the extent Releasor is legally able to transfer title, Releasor hereby assigns, transfers and conveys to Releasee all of Releasor's right, title and interest in and to the Vehicle, subject to any liens or encumbrances specifically disclosed in writing below:

Liens/Encumbrances disclosed (if none, state "None"):

3. CONSIDERATION

As consideration for the release and transfer set forth herein, Releasee shall pay to Releasor the sum of $ (US Dollars), to be paid as follows:

Payment terms:

4. REPRESENTATIONS AND WARRANTIES

Releasor represents and warrants to Releasee that: (a) Releasor is the lawful owner of the Vehicle and has full right and authority to transfer the Vehicle as provided herein; (b) except as disclosed in this Agreement, the Vehicle is free and clear of all liens, security interests, claims and encumbrances; (c) the odometer reading set forth above reflects the actual mileage of the Vehicle to the best of Releasor's knowledge; and (d) there are no outstanding notices of recall affecting the Vehicle except as disclosed in writing.

Releasee represents and warrants that Releasee has the authority and capacity to accept possession of the Vehicle and to assume the obligations set forth in this Agreement.

5. AS-IS CONDITION; DISCLAIMER OF WARRANTIES

Except for the express representations and warranties set forth in Section 4, Releasor expressly disclaims all other warranties, express or implied, including without limitation any implied warranties of merchantability or fitness for a particular purpose. Releasee acknowledges that Releasee has had the opportunity to inspect the Vehicle and accepts the Vehicle in its present condition, "AS IS, WHERE IS."

6. RISK OF LOSS; DELIVERY

Delivery of the Vehicle shall be made at: on or before . Title, risk of loss and responsibility for registration, taxes, licensing, insurance and all costs shall pass to Releasee upon physical delivery of the Vehicle to Releasee or Releasee's agent.

7. INDEMNIFICATION

Releasee shall indemnify, defend and hold harmless Releasor and Releasor's officers, agents and employees from and against any and all losses, damages, liabilities, claims, causes of action, fines and expenses (including reasonable attorney fees) arising out of or resulting from Releasee's possession, ownership or use of the Vehicle after delivery, including but not limited to claims by third parties and governmental penalties.

8. LIMITATION OF LIABILITY

Except for liability arising from fraud or willful misconduct, in no event shall either party be liable to the other for special, incidental, consequential or punitive damages, whether based on contract, tort or any other legal theory.

9. NOTICES

All notices shall be in writing and shall be deemed given when personally delivered, sent by nationally recognized overnight courier, or three business days after deposit in the United States mail, postage prepaid, as provided in this Section.

10. AMENDMENT; WAIVER

This Agreement may be amended only by a written instrument signed by both parties. No waiver of any provision of this Agreement shall be effective unless in writing signed by the party against whom enforcement is sought.

11. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures transmitted by facsimile or electronic image shall be binding.

12. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to principles of conflicts of law.

13. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and negotiations, whether written or oral.

14. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

15. ADDITIONAL TERMS

The parties acknowledge and agree that they have read and understand this Agreement, have had a reasonable opportunity to seek independent advice, and enter into this Agreement voluntarily.

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