Memorandum of Employee Automobile Expense Allowance:
WHEREAS, The employee whose signature appears below agrees to furnish his own automobile to perform his duties hereunder and shall keep it maintained and repaired in good driving condition; and WHEREAS, for the employee's benefit, the employee shall maintain insurance on the automobile in at least the following amounts: Bodily injury liability, _______ Dollars ($_______) for each person injured, _________ Dollars ($_______) for each occurrence; property damage liability __________ Dollars ($_______) for each accident; __________ Dollars ($_______) deductible comprehensive coverage, __________ Dollars ($_______); ________ Dollars ($_______) deductible collision coverage at fair market value; and
WHEREAS, a certification of the employee's insurance showing those coverages will be filed by the employee with the company; and WHEREAS, all of the requirements of this section shall be complied with at the employee's cost.
NOW THEREFORE, In consideration of the above, the company shall pay the employee _______ Dollars ($_______) per week for the use of his automobile during the period from __________ to ____. Those payments shall be charged to the employee's account as an automobile allowance. The payments shall be made weekly, but neither the payments nor this agreement shall make the company the owner, bailee or lessee of said automobile, nor shall the company be responsible for any damage to the automobile.
The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.
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