Form MCS 116. Motor Carrier Motor Vehicle Lease Agreement - Virginia

Form MCS 116. Motor Carrier Motor Vehicle Lease Agreement is used to execute a formal lease agreement between a lessor (vehicle owner) and a lessee (owner of an operating authority certificate or permit) as required by Virginia Code §§ 46.2-2001 and 46.2-2155.

The parties involved in this form are the lessor (vehicle owner) and the lessee (owner of the operating authority certificate or permit). The form consists of sections to provide the details of the lessor and lessee, the vehicle being leased, the terms of the lease, and any additional conditions or provisions.

Important fields in this form include the names and contact information of both the lessor and lessee, a detailed description of the leased vehicle, the duration of the lease, and any restrictions or requirements outlined in the agreement. It is crucial for both parties to understand and agree to the terms before signing the lease.

Example scenario: A motor carrier company owns a fleet of trucks and wants to lease one of their vehicles to another carrier that holds an operating authority certificate. They use Form MCS 116 to draft a formal lease agreement, specifying the terms of the lease, responsibilities of both parties, and any additional conditions. Both parties review and sign the agreement, and the leased vehicle can now legally operate under the lessee's authority.

Additional documents needed: The form itself is sufficient for the lease agreement, but it is recommended to have legal counsel review the terms to ensure they comply with relevant regulations and protect the interests of both parties.

Related form: An alternative form could be a standard motor vehicle lease agreement, not specifically designed for motor carriers and their unique operating authority requirements.