Sharjah, United Arab Emirates— (AETOSWire)— Management of Souq Al Haraj for Cars in Sharjah announced that the standardized contract for the sale of used cars is in the final process of drafting and will soon be approved. The announcement was made during the meeting which was held in Souq Al Haraj where there were discussions regarding the final details of the new contract. The meeting was attended by representatives from Souq Al Haraj management, Sharjah Police and Sharjah Economic Development Department.
Speaking on the occasion, Mohammed bin Essa, Chief Asset Management Officer at Sharjah Asset Management, said: “The standardized contract for the sale of used cars is aimed at ensuring fair and transparent sale and purchase process. The new agreement format will include such terms and conditions as the purchase invoice with names of the parties: seller, buyer and dealer, car specifications, car purchase value, mode of payment, delivery time, place and fees, the necessary services if any and the signatures of the two parties or their legal representatives.
He added: “Souq Al Haraj for Cars in Sharjah is the largest car dealership market in the region. Therefore, we are striving to improve all services to end-users and to facilitate all the procedures, the most important of which is the unified contract. The standardized contract for the sale of used cars is based on the template proposed by the Sharjah Economic Development Department to the higher committee of Consumer Protection.
Lt Colonel Saif Al Suwaidi, Head of Vehicle Licensing Department at the Sharjah Police Headquarters, emphasized the importance of the standardized contract in protecting the consumer. He added that the importance of conducting vehicle tests at approved inspection centers is highlighted in the new contract, particularly when buying and selling cars overseas. “Unapproved tests may result in troubles in the car registration procedure in the destination country. It is required from the dealers to make both the agreement and its details clear to avoid any potential troubles for the buyer in the future”, he clarified.
Ali Fadil, Head of Commercial Control and Protection Section at the SEDD, reiterated the significance of this step which will effectively improve the services provided to consumers in Souq Al Haraj for Cars and serve the interests of buyers from inside the country and abroad.
Sharjah Chamber of Commerce and Industry (SCCI) expressed thanks and appreciation to SEDD, Sharjah Police Headquarters and Management of Souq Al Haraj for Cars for the continued collaboration with the SCCI ’s used car trading business group. The great attention and follow up from those entities has significantly helped the vital used car industry achieve its desired goals in contributing to the stability and growth of economic activities in the Emirate of Sharjah. Representative committee of the SCCI’s used car trading business group has reviewed the draft standardized contract and made sure that the new agreement format will add advantages to the used car dealership market, solve many challenges faced by this sector and boost customer confidence, which, in turn, will help increase the traffic and sales in Souq Al Haraj for Cars, which is considered as one of the region’s largest used car marketplaces.
The new agreement template includes terms and conditions which the buyer must make sure of before signing, such as specifying the manufacturing year accurately and adding any other terms and conditions to the contract. The buyer must make sure that there is an agreed on mode of inspection between seller and buyer, and that the full vehicle inspection is recommended. The mode of payment must be specified and the seller must handover all the vehicle documents to the buyer. The seller shall be liable for any hidden damage, according to the new contract.
If the vehicle specifications found to be in compliance with those specified by the seller, and the buyer does not agree on such specifications, the seller must refund the buyer the entire cost. During the warranty period the seller is responsible for repairing any defects, replace the vehicle or refund the buyer. All costs of vehicle inspection, transfer, registration, licensing and insurance shall be incurred by the buyer, unless otherwise is agreed in writing.
Souq Al Haraj for Cars is a premier destination for car dealers and buyers. It is the largest of its kind in the region and the destination of choice for car dealers and lovers. It is aimed at regulating this industry and ensuring more value, diversity, transparency, trust and convenience for dealers and buyers, alike.