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The vehicle sales contract helps avoid litigation over the sale of the vehicle in the future. Important details about the vehicle can be included in this agreement. PAN or GIR or form 60/61 of the I.T. division (excluding two-wheelers). 2- That I have received the full and final review of the sale of the above vehicle by the above buyer. To be a valid contract, both the seller and the buyer must correctly sign this agreement with the witnesses and execute it on a valid stamp document, as applicable in the state of execution of the agreement.