If you`re in the process of buying or selling a product or service, it`s essential to have a buyer-seller agreement in place. This agreement clarifies the terms and conditions of the transaction, protects the interests of both parties, and provides a legal basis for recourse if problems arise.
To help you get started, we`ve put together a buyer-seller agreement example that you can use as a starting point for creating your own agreement.
Introduction
The agreement is made between the buyer [insert name and address] and the seller [insert name and address] for the sale and purchase of [insert product or service] on [insert date].
Product or Service Description
The product or service being sold is described as follows: [insert description of the product or service, including any warranties or guarantees].
Price and Payment Terms
The purchase price for the product or service is [insert amount in currency] and is payable as follows: [insert payment terms, such as payment due dates, method of payment, and any penalties for late payment].
Delivery and Inspection
Delivery of the product or service shall be made on [insert date] to [insert delivery location]. The buyer shall inspect the product or service upon delivery and shall notify the seller of any defects or damages within [insert timeframe, such as 24 hours].
Risk of Loss or Damage
Risk of loss or damage to the product shall pass to the buyer upon delivery. The buyer is responsible for any loss or damage to the product after delivery.
Title and Ownership
Title and ownership of the product or service shall transfer to the buyer upon payment of the full purchase price.
Warranties and Representations
The seller warrants and represents that the product or service is free from defects and conforms to all specifications and requirements. Any warranties or representations made by the seller shall survive the delivery of the product or service.
Limitation of Liability
The seller`s liability for any damages or losses arising from the sale or use of the product or service shall be limited to the purchase price paid by the buyer. The seller shall not be liable for any consequential, special, or incidental damages.
Dispute Resolution
Any disputes arising from this agreement shall be resolved through arbitration in accordance with the rules of the [insert arbitration association].
Governing Law
This agreement shall be governed by and construed in accordance with the laws of [insert governing state or country].
Amendments and Waivers
This agreement may not be amended or modified except in writing signed by both parties. Any waiver of this agreement or any provision shall not be deemed a waiver of any other provision.
Entire Agreement
This agreement sets forth the entire understanding and agreement between the parties and supersedes all previous agreements and understandings, whether oral or written.
Conclusion
A buyer-seller agreement is a critical document to ensure a smooth transaction between both parties. Use this example as a starting point for creating your own customized agreement, and make sure to include all relevant details and terms to protect your interests.
