MOTORCYCLE PROGRAM 2016

The objective of this Program is to enable the employees of

_____________________to finance the purchase of a vehicle of their choice at such
terms that are reasonable and equitable.

1. Persons Entitled

1.1 Only ______________- employees with at least __________ years in

service.
1.2 Has an existing and valid driver’s license issued by the Land Transportation
Office.
1.3 The company retains the right to refuse approval of loan to any applicant
upon its discretion.

2. Amount Loanable

2.1 The maximum loanable amount shall be Php _____________

2.2 The loaned amount will be used exclusively to purchase a motorcycle unit.

3. Terms of Payment

3.1 Payment shall be made within a period of ____________years.

3.2 The amount ________________shall be deducted from the employee’s
salary every 15th and 30th day of the month.

4. Loan Application

4.1 The employee who is interested in the program must apply in writing.
4.2 The application of the employee will be evaluated and subject for
management approval.
4.3 The qualified employee has the option to choose any brand or model of
motorcycle he wanted but if the price of the unit he has chosen exceeded
the maximum loanable amount then he will have to pay the excess amount.
4.4 After the choice has been made then the company will do the processing
for the purchase of the unit chosen.

5. Motorcycle Registration

5.1 The motorcycle’s original copy of Certificate of Registration will be held in

safekeeping by the Company, until the loan has been fully paid.
6. Maintenance of Vehicle

6.1 The employee will have sole responsibility for the vehicle and for any
accidents or injuries to himself or any third party.
6.2 The employee must report to the Company within 24 hours any accidents
involving the motorcycle, either through phone call, text message, or e-mail.
6.3 Notwithstanding the destruction, loss, or damage sustained by the
motorcycle, the liability of the employee to pay the amount loaned shall
continue until full payment has been made.
6.4 Any citations, fines, or charges issued against the employee as a result of
driving violations while operating the motorcycle shall be the sole
responsibility of the employee regardless of whether it was incurred on or
off duty
6.5 The employee must undertake to maintain an insurance to cover payment
for liability arising from third party claims. The employee must not do
anything or allow anything to be done which will render the insurance
invalid.
6.6 The employee must keep the vehicle in good repair and working order and
it should be available for use except when off the road for service or repair.

7. Miscellaneous Terms and Conditions

7.1 All original documentations relating to the purchase of the motorcycle shall
be maintained by the Company.
7.2 The registered owner of the motorcycle will be the one responsible in
renewing the registration and other related expenses.
7.3 The registered must secure insurance for the unit to cover third party
liability.
7.4 The qualified employee must have helmet in accordance to the standard
required by law.
7.5 The qualified employee who plans to resign from the company prior to the
date of his final and last payment shall be required to pay the full amount
before the company releases all original documents pertaining to the
motorcycle.
7.6 In case the employment of the employee has been terminated by the
company for whatever reason, he will be required to pay the balance of the
loan or turn over the unit in favor of the company.
______________________ _____________________

Employer Employee