Transfer/Standards

Terms and Conditions

Definitions:

The first party: is the Gulf Insurance and Reinsurance Company

The second party: is the buyer/bidder

1. The two parties agreed that the vehicle wreckage: is the vehicle sold, whether it was partially or completely damaged, and that the buyer’s failure to repair the partially damaged vehicle and failure to accept its transfer by the Technical Inspection Department within 60 days to the buyer’s ownership entitles the first party to drop the car’s plates so that it is in the buyer’s possession. As a complete wreck.

2. All expenses and fees for dropping or transferring the license of the sold car are borne by the buyer alone, and he undertakes personally or through his representative to complete the necessary procedures without referring to the seller in this regard. In the event that the procedures for transferring ownership in his name are not completed, he is obligated to pay all the expenses and fees resulting from that, and the company has the right Recourse to him by claiming all the expenses incurred as a result of his failure to take the necessary measures within the period agreed upon in the contract.

3. The second party is obligated to pay the full price of the wreckage that is the subject of the contract and transfer its ownership to his name after conducting the necessary technical inspection for it at the competent traffic department, making repairs, treating the necessary damages, and preparing it to be fit for the required technical inspection within 60 days from the date of purchase. In the event of his failure to do so, the buyer keeps the wreckage. The vehicle will be subject to a late fine of 100 KD. Weekly until the plate dropping procedure is completed in accordance with the mechanism mentioned under the second clause.

4. The buyer undertakes to withdraw the wreckage of the car that is the subject of the contract outside the company’s garage within four days from the date of purchase. In the event that he fails to do so for any reason, this constitutes an authorization for the company to dispose of the wreckage of the car and re-offer its sale through its established bidding process and the buyer’s acceptance of receiving the price for which the car will be resold. If he has previously paid the full amount, no matter how small it is, he will bear the full loss or the price difference if the vehicle is sold at a lower value, along with his obligation to pay the garage floor and guarding fees at the rate of ten dinars per day, provided that these amounts are deducted from the amounts paid from him without referring to him.

5. The second party undertakes to bear full responsibility for the damages that occur from or on the car and that the first party “the selling company” will not be responsible for any third party claim related to the car that is the subject of the contract, whether the claim is based on a right arising from the law, a sales contract, tort liability, or any other claim. Another reason, starting from the date the second party receives it.

6. The second party acknowledges that the first party has the right to keep the plates of the sold car throughout the period preceding the transfer of ownership, and that in the event that it receives the plates for the purpose of conducting a new measurement without successfully passing the technical inspection procedures, it is obligated to return the plates to the seller to collect them, and that the plates are delivered to him as a matter of trust. During that period, he is fully responsible for it, and if he violates this and what was agreed upon, he will be a traitor to the trust and bear all the legal consequences resulting from that.

7. All correspondence and correspondence shall be made according to the chosen address, which is or via the following e-mail: The second party is obligated to inform the first party if the address changes.

8. This contract was drawn up in two original copies, with each party holding a copy to implement what was stated therein. In proof of this, both parties signed the contract, which entered into force starting from the date stated on its issuance.

9. The Kuwaiti Civil Code is the applicable law in the event of a dispute regarding the application or interpretation of this contract.

10. The two parties agreed that the buyer is aware of the sales floor fee of 30 KD, which will be added to the total value after the sale.

11. There is a security deposit of 300 Kuwaiti dinars