CAR PLAN AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Car Plan Agreement entered this 24th day of May, 2019 at Bel-Air, Makati City, Metro
Manila, Philippines, by and between:
IGUSOL PHILIPPINES INC., a corporation duly organized and existing under
the laws of the Republic of the Philippines and with business address at Unit 401C 4F
ITC Bldg. 337 Sen. Gil J. Puyat Ave., Bel-Air, Makati City, Philippines 1209,
represented herein by its Chairman, Sara Espinoza Gutierrez, hereinafter referred to
as the “COMPANY”.
-and-
MELODY R. LAURENTE, of legal age, single and a Filipino citizen with
postal address at Blk. 9 Lot 36 Sta. Ynez St., Sta. Barbara Place Royal, Tandang
Sora, Quezon City 1116, hereinafter referred to as the “OFFICER”.
W I T N E S S E T H : That
WHEREAS, under the Car Plan Policy, the Company shall make available to Officer a car
plan, thereby enabling her better mobility and opportunity of owning a vehicle at the end of the car
plan period.
WHEREAS, in this manner, the Company is able to recognize the Officer’s dreams and
aspirations and help her realize a personal goal to thereby enhance productivity, boost morale and
foster dedication and loyalty.
WHEREAS, the Officer deeply appreciates this kind gesture of the Company and manifest to
abide by the terms hereof.
NOW, THEREOF, for and in consideration of the foregoing premises the parties agree that
the features, terms, and conditions of the Officer’s Car Plan shall be as follows:
a) The Company will provide a service vehicle which shall be assigned to the Officer in order
to maximize the performance of her duties and functions strictly for official travel only.
b) The maximum allowable amount of the cost of the vehicle is TWO MILLION SEVEN
HUNDRED THOUSAND PESOS (P 2,700,000.00) and any excess price shall be paid
upfront by the Officer.
c) The duration of the car plan is FIVE (5) years commencing from the date of assignment
and shall constitute the life span of the vehicle.
d) At the end of the life span of the vehicle, the Officer has the right option to buy the vehicle
at an application rate of 15% of the purchased value of the vehicle.
e) The Officer shall cover the cost of transfer, registration and insurance of the vehicle.
f) The Company shall pay the annual registration and car insurance premium of the vehicle
during the car plan period. Renewal costs shall be paid by the Company.
g) Gasoline, toll and parking fees shall be reimbursed by the Company for the official trips as
well as the daily trips to/from office and residence of the Officer.
h) Preventive maintenance costs are for the account of the Company during the car plan
period in accordance with the Car Plan Supplement Notice Re: Car Maintenance which is
in Annex “A” hereof of this Agreement.
i) The Officer shall pay for the repairs and dues in case of participation fees in accidents
and other costs incurred outside official travel.
j) The Officer shall be responsible for informing the Admin Office of the Company of any
modifications made to the assigned vehicle. Failure to do so, the Officer shall cover the
expenses not covered by the insurance claims due negligence on the part of the Officer.
k) In case the Officer resigns or is terminated for a cause during the period of the car plan,
the Officer shall forfeit all her rights stated in this agreement. The Company is authorized
and empowered to take immediate possession of the vehicle wherever it may be located.
l) In case of disability of the Officer at anytime before the end of the term of the Car Plan
Agreement, the immediate family of the disabled Officer shall have the option to either:
i. surrender the vehicle to the Company; or
ii. acquire the vehicle, but subject to the applicable rate set by the Company.
m) The Company shall retain the ownership of the vehicle until the consummation of this
Agreement.
n) The subject matter of this car plan is:
Make : Mazda CX-9
Body Type : SUV
Year Model : 2019
MV File No. :
Engine No. :
Serial No. :
Color : Snowflakes White Pearl
CS No. :
Plate No. : NEH3112
o) Re-availments of car plan are made only at the end of the car plan period. A new vehicle
will be assigned to the Officer based on the existing financial capability of the Company
and is subject to the approval of the Company.
p) The Car Plan Supplement Notice, Annex “A” hereof, is deemed reproduced and
integrated as forming part of this agreement.
CONFORME:
IGUSOL PHILIPPINES INC.
(Company)
By :
SARA ESPINOZA GUTIERREZ MELODY R. LAURENTE
Chairman Officer
Signed in the presence of:
____________________ ____________________
ACKNOWLEDGEMENT
Republic of the Philippines)
______________________) S.S.
BEFORE ME, a Notary Public for and in ________________ this ____ day of ___________,
2019, personally appeared the following persons, to wit:
NAME Gov’t I.D. No. DATE/PLACE ISSUED
Sara Espinoza Gutierrez Passport No.
Melody R. Laurente Drivers License No.
Known to me and to be the same persons who executed the foregoing Car Plan Agreement consisting
of five (5) pages including the page where this Acknowledgment is written and its Annex “A,” and they
acknowledged that the same is their free and voluntary act and deed and of the corporation they
represent.
WITNESS MY HAND AND SEAL.
NOTARY PUBLIC
Doc No. ______;
Page No. ______;
Book No. ______;
Series of 2019.
ANNEX “A”
CAR PLAN
SUPPLEMENT NOTICE
I. CAR MAINTENANCE
All regular car maintenance are fully shouldered by the Company in order to maintain the
good conditions of the vehicle. These are the following:
a. Regular Tune-ups, parts and labor
b. Car detailing
c. Change oil and greasing
d. Under chassis and engine wash
e. Wheel balancing and alignment
f. Wheels and battery replacements
g. Replacement of shock absorbers
h. Replacement of clutch and brake system
i. Under chassis repair
j. Engine overhaul
k. Transmission overhaul
l. Replacement of AC system
m. All other repairs not covered by insurance
II. CAR ACCESSORIES
Car accessories necessary to keep and proper maintenance of the vehicles are considered
essential standard accessories. These are the following:
a. Car Alarm System
b. Two (2) sets seat cover
c. Rust proofing
d. Floor mats and mud guards
e. Car Tint
Fancy accessories on the other hand are on the account of the Manager , such as:
a. Stereo car Equalizer, CD changer
b. Spoilers
c. Headers
d. Fog and halogen lamps
e. Air horns
f. Automatic windows and central locking system
g. Optional instrumentation
h. Replacement of lost accessories
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