Common use of Trade-In Clause in Contracts

Trade-In. i. If I wish to trade-in the Goods for a new vehicle: a. I shall tell you in writing within 14 business days prior to the Expiry Date that I wish to trade-in the Goods for a new vehicle; and b. the Goods shall first be inspected by you or your nominee. For this purpose, I shall deliver up the Goods to you at my sole cost and expense, in good and working order and condition together with all insurance policies, licences, registration and other documents relating to the Goods and the Transport Department’s transfer of registration or licence form(s) signed in blank in relation to such documents (as may be required by you), to such place and at such time as you may direct in your sole discretion or hold the Goods on trust for you pending collection by you or your nominee. ii. Subject to Clause 13.2(c) iii., I may trade-in the Goods for a new vehicle only if the Goods meet the return conditions set out in the Fair Wear & Tear Guide, as determined by you in your sole discretion. iii. If the Goods do not meet the return conditions pursuant to Clause 13.2(c) ii. above, you shall be entitled at your sole discretion either: a. not to agree to trade-in the Goods for a new vehicle, and in such case, I agree that I shall purchase the Goods from you pursuant to Clause 13.2(b); or b. to agree to trade-in the Goods for a new vehicle subject to payment to you of the amounts set out in Clause 13.2(c) v. iv. Notwithstanding Clause 13.2(c) ii. and iii., I acknowledge, agree and confirm that if the Goods have been seriously damaged for the purposes of the terms of the Fair Wear & Tear Guide, as determined by you in your sole discretion, you shall not accept a return of the Goods, and I shall purchase the Goods from you pursuant to Clause 13.2(b). v. Subject to this Clause 13.2(c), if you agree to trade-in the Goods for a new vehicle, I shall: a. pay to you any applicable fees, repair costs and excess mileage charge calculated in accordance with the Fair Wear & Tear Guide, as determined by you in your sole discretion; b. pay to you all the monies due under this Agreement (including but not limited to all accrued interest, costs, and the commission amount payable under Clause 29); and c. enter into such further sales contracts with your dealer as required by you or your dealer in respect of the new vehicle.

Trade-In. i. If I wish to trade-in the Goods for a new vehicle: a. I shall tell you in writing within 14 business days prior to the Expiry Date that I wish to trade-in the Goods for a new vehicle; and b. the Goods shall first be inspected by you or your nominee. For this purpose, I shall deliver up the Goods to you at my sole cost and expense, in good and working order and condition together with all insurance policies, licences, registration and other documents relating to the Goods and the Transport Department’s transfer of registration or licence form(s) signed in blank in relation to such documents (as may be required by you), to such place and at such time as you may direct in your sole discretion or hold the Goods on trust for you pending collection by you or your nominee. ii. Subject to Clause 13.2(c) iii., I may trade-in the Goods for a new vehicle only if the Goods meet the return conditions set out in the Fair Wear & Tear Guide, as determined by you in your sole discretion. iii. If the Goods do not meet the return conditions pursuant to Clause 13.2(c) ii. above, you shall be entitled at your sole discretion either: a. not to agree to trade-in the Goods for a new vehicle, and in such case, I agree that I shall purchase the Goods from you pursuant to Clause 13.2(b); or b. to agree to trade-in the Goods for a new vehicle subject to payment to you of the amounts set out in Clause 13.2(c) v. iv. Notwithstanding Clause 13.2(c) ii. and iii., I acknowledge, agree and confirm that if the Goods have been seriously damaged for the purposes of the terms of the Fair Wear & Tear Guide, as determined by you in your sole discretion, you shall not accept a return of the Goods, and I shall purchase the Goods from you pursuant to Clause 13.2(b). v. Subject to this Clause 13.2(c), if you agree to trade-in the Goods for a new vehicle, I shall: a. pay to you any applicable fees, repair costs and excess mileage charge calculated in accordance with the Fair Wear & Tear Guide, as determined by you in your sole discretion; b. pay to you all the monies due under this Agreement (including but not limited to all accrued interest, costs, and the commission amount payable under Clause 29); and c. enter into such further sales contracts with your dealer as required by you or your dealer in respect of the new vehicle.