draft Contract

IJARAH MUNTAHIYAH BITTAMLIK Contract

No. 018 / IJH / PT.KJ / XII / 2013

"Is it they who apportion the mercy of your Lord? We have determined for them their livelihood in the
life of this world, and we have exalted some of them over others to some degree, that some of them
may make use of the others. And the mercy of your Lord is better than what they accumulate. "
(Q.S. Az-Zukhruf: 32)
Saad bin Abi Waqqas reported that the Prophet Muhammad said: "We had been leasing land in
exchange for its agricultural yield, so the Prophet forbade us to do so and ordered that we lease it for
gold or silver."
(Transmitted by Abu Dawud)
With guidance and blessings asked of Allah Almighty, This Ijarah Muntahiyah Bittamlik contract is
made and signed on this day, Monday/Kliwon, November 25, 2013, at the office of PT. Shakim Motor
Kras Kediri, by the following parties:
Name: Doni Wicaksoeno, SE., MM.
Place and Date of Birth: Blitar, January 5, 1985
Position: Director of PT. Shakim Motor
Address: Jl. Roewet Gg. Boentet No. 21 Blitar
In this matter, acting for and on behalf of PT. Shakim Motor Kras Kediri, based at Jalan Kediri Kras
RM.Kartidjoe No.33, hereinafter referred to as the 1st Party.
Name: Vino Mangkunagara, MBA, HMU
Place and Date of Birth: 19 March 1989 Blitar
Occupation: Owner UD. Ulam Sari
Address: Jl. Galangan Gg. Moeslem No.09, Blitar
In this matter acting for and on behalf of himself, hereinafter referred to as the 2nd Party.

The parties must first clarify the following matters:

That the 1st is willing to take responsibility for the damage, depreciation, and maintenance of
items, except for damage, depreciation, and maintenance of such goods that results from negligence
on the part of the 2nd. If any damage, depreciation, and maintenance of such goods results from
negligence on the part the 2nd party, then the 2nd party is responsible for the negligence.
Furthermore, both sides agreed to frame this Contract of Agreement as an Ijarah Muntahiyah
Bittamlik contract (hereinafter called the Contract, with the following terms and provisions:

ARTICLE 1
GENERAL REQUIREMENTS
What is meant:
1. The Ijarah Muntahiyah Bittamlik is a combined lease and purchase contract between
the 1st Party and the 2nd Party. The 2nd Party rents goods from the 1st Party, and
when the lease is finished, the goods will be transferred to the 2nd Party and the 1st
Party will provide the necessary goods to the 2nd Party.
2. The goods are 2 units of Grand Max pickup trucks, produced in 2013.
3. The installment is the amount paid each month to rent the cars that are provided by
the 1st Party to the 2nd party.
4. The Contracts Term is the Contracts period of validity as determined in the
agreement, i.e., 2 years.
5. Default is deviant behavior by the parties that is not in accordance with the agreedupon Contract.
6. A Situation of Force or Force Majeure is a situation in which one of the parties to a
contract is prevented from carrying out its achievements.
7. Default is deviant behavior by the parties that is not in accordance with the mutually
agreed-upon Contract.
8. A Situation of Force (Force Majeure) is a situation in which one of the parties to a
contract is prevented from carrying out its achievements.
ARTICLE 2
FINANCING AND PURPOSES OF USE
Section 1
The 1st Party promises and hereby binds himself to provide the goods ordered by the 2nd
Party. The delivery of the aforementioned goods is carried by the 1st Party directly to the 2nd
Party by means of the 2nd Party himself taking the aforementioned goods via a representative
(employee) with the knowledge of the 1st Party.
Section 2
The 2nd Party promises and hereby binds himself to rent and receive goods and pay their

price to the First Party, thereby owing the First Party the following amount:
- Rental Price (@ Rp 96,000,000.00 x 2 units) = Rp 192,000,000.00
- Monthly Installment Rp 192,000,000.00: 24 months = Rp 8,000,000.00
- First Months Installment = (Rp 8,000,000.00)
- Total Debt (Rp 192,000,000.00 - Rp 8,000,000.00) = Rp 184,000,000.00
- (One hundred and eighty-four million rupiah.)
Section 3
The aforementioned leased goods will be used to deliver decorative fish for UD.Ulam Sari,
which is owned by the 2nd Party.
ARTICLE 3
RIGHTS AND OBLIGATIONS
Section 1
Rights and Obligations of the 1st Party:
1. The 1st Party is required to notify the 2nd Party regarding the rental price of the
aforementioned goods.
2. The 1st Party is required to replace the goods if there are any hidden defects upon
receipt by the 2nd party that are not due to the 2nd partys own negligence, unless the
2nd Party can accept these shortcomings and not dispute them.
3. The 1st Party is required to provide the aforementioned rental goods when the period
of the contract has ended.
4. The 1st Party is entitled to receive payments for the price of the goods for the duration
of the agreed-upon time limit.
5. The 1st Party is entitled to withhold Proof of Vehicle Ownership (Bukti Pemilikan
Kendaraan Bermotor - BPKB) during the term of payment until the 2nd Party can
finish paying the installments.
Section 2
Rights and Obligations of the 2nd Party:
1. The 2nd Party is required to make installment payments in an orderly manner to the
First Party for the duration of the agreed-upon time period.
2. The 2nd Party shall notify the 1st Party about any hidden defects that have occurred
outside of the 2nd partys knowledge within a maximum of 3 (three) days after the
goods are received by the 2nd party.
3. The 2nd Party is entitled to receive goods from the 1st Party a maximum of 1 (one)
week after the contract is signed.

4. The 2nd Party is entitled to receive the aforementioned item at the end of the contract
(changing ownership) and receive Proof of Vehicle Ownership (BPKB).
5. The 2nd Party is entitled to indemnification from the 1st Party in case of hidden
defects in the goods received outside of the 2nd Partys error.
ARTICLE 4
PERIOD OF TIME, METHOD OF PAYMENT AND PLACE OF PAYMENT
Section 1
The 2nd Party promises and hereby binds himself to repay the entire debt to the First Party, as
mentioned in Article 2 of the Contract, in a period of 24 (twenty four) months from the date of
December 1, 2013 until December 1, 2015.
Section 2
Payments are made in installments every 5th-10th date, starting from the date that this Contract is
signed until it is fully paid on the due date in 24 (twenty-four) months.
Section 3
The amount of an installment/monthly rent is the amount of debt divided by the term of payment,
namely Rp 192,000,000.00 divided by 24 months, or Rp 8,000,000.00 (Eight Million Rupiah) per
month.
Section 4
If on a due date, installment payment financing will not coincide with one of the 1st Partys
workdays, the 2nd Party promises and hereby binds himself to make the payment on the first day that
the First Party returns to work.
Section 5
Each installment payment by the 2nd Party to the 1st Party will be in cash, conducted in the office of
the 1st Party or in another place designated by the 1st Party.
Section 6
In case the payment is made through the account of the 2nd Party to the 1st Party, then the 2nd Party
thereby empowers that which can not expire for reasons specified in Articles 1813 Book of the Law of
Civil Law to the 1st Party, to debit the account of the 2nd Party in order to pay / pay off the debt of the
2nd Party.
ARTICLE 5
GUARANTEES
If the 2nd Party does not carry out his obligations to the 1st Party in accordance with the above
Agreement, then the 2nd Party authorizes the 1st Party to transfer rights in any form, either in public
or under the hand of securities as collateral in the form of: Land Certificate No: 0105 / MX / C / 1993
Year: 1993 Size: 205m2 On behalf of: Mr. Vino Mangkunagara, MBA, HMU.
ARTICLE 6

BOOKKEEPING
Financial bookkeeping is done by the 1st Party on all of the 2nd Partys transactions related to
monthly installment payments that are declared in the Book of Installment Financing and given to the
2nd Party as proof of payment of installments already paid.
ARTICLE 7
TORT AND DUE TO TORT
Parties can be considered to be in default, if due to his fault:
1. The 1st Party did not inform the 2nd Party of actual rental prices.
2. The 1st Party does not deliver the goods according to the specifications of the 2nd Party
within a maximum of 1 (one) week after the contract is signed; then the 2nd Party may seek
redress in the form of exemption from the first installment of Rp 200,000.00 (two hundred
thousand rupiah) or the 2nd Party may request cancellation of the contract.
3. The 1st Party does not change the goods if there are hidden defects upon receipt by the 2nd
Party the 2nd Partys fault; then the 2nd Party may demand compensation for the costs
incurred due to defective goods, unless the 2nd Party can accept these shortcomings and not
dispute them.
4. The 2nd Party is late making a payment to the 1st Party; then the 2nd Party must pay a fine of
Rp 25,000.00 (twenty five thousand rupiah) to the 1st Party for each day of delay, starting
from the payments due date until the date that the repayment is made.
5. The 2nd Party notifies the 1st Party about hidden defects that have occurred outside of the
2nd partys knowledge more than 3 (three) days after the goods are received by the 2nd party;
then the 1st Party is not required to provide reimbursement for costs incurred due to defective
goods.
ARTICLE 8
RESOLUTION OF DISPUTES
Section 1
In the event of a disagreement in understanding or interpreting parts of the
agreements content, or of a dispute in implementing this agreement, the 1st
Party and the 2nd Party will seek an amicable resolution.
Section 2
If trying to resolve the disagreement or dispute through amicable discussion
does not produce a decision agreed upon by the 1st Party and the 2nd Party,
then the 1st Party and the 2nd Party hereby agree to appoint and to establish
authorization for the Indonesian Board of Muamalat Arbitration (Badan Arbitrase
Muamalat Indonesia - BAMUI) to give its decision, according to the processes and
procedures established by the arbitration and applied by the aforementioned
board. The decision is temporary.
Section 3

If the business of settling disputes through the Indonesian Board of Muamalat

Arbitration (BAMUI) did not result in a decision agreed upon by both parties, both
parties hereby agree to bring the dispute to the State Court.
ARTICLE 9
ADDITIONAL PROVISIONS
Everything that has not been regulated in this contract will be determined later
in letters and/or attachments that will be created and become an integral part of
this contract.
ARTICLE 10
CLOSING
This Contract of Agreement is signed and made in 2 (two) copies, each stamped
and having the same strength of evidence, signed by the 1st Party and the 2nd
Party voluntarily (with mutual blessing) without coercion from any party, as well
as witnessed by:
1. Sony Mahendroe
2. David Soebagyo
Kediri, 25 November 2013
The 1st Party
Doni Wicaksoeno, SE, M.M
The 2nd Party
Vino Mangkunagara, MBA, HMU
Witness 1
Sony Mahendroe
Witness 2
David Soebagyo