Purchase Agreement
2 parties Purchase order and delivery Goods/products Recurring payment Risk and title Claims
What is a Purchase agreement?
A Purchase Agreement, also known as a Sales Agreement or Sales Contract, is a legally binding document that outlines the terms and conditions of a purchase transaction between a buyer and a seller. It serves as evidence of the agreement reached between the parties regarding the sale of goods.
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Tips
- Conduct Due Diligence: Conduct due diligence on potential suppliers to assess their capabilities, reliability, and track record. Consider factors such as production capacity, financial stability, quality control processes, and reputation in the industry.
- Address Title and Risk of Loss: Clearly define when title and risk of loss transfer from the seller to the buyer. Specify who is responsible for shipping, insurance, and any other costs associated with delivery.
