Selling and buying products is a common thing in these days and a business deals with a lot of other businesses and companies for selling or buying products or goods. As this is a regular thing and mostly a company has to deal with more than one company at once, it’s important to sign a contract with that party to make sure that the seller delivers all the products and the purchaser pays in full within the given time limit. The key purpose of this contract is that if a party violates any rule or regulation or wants to leave the contract, this document can be used in the court as a legal document. This kind of contract are written on legal documents called “stamp paper” so it’s not difficult to present it in the court.
Essential elements to add in a Selling Contract:
- Name of both parties along with their contact addresses:
the party that is purchasing and the dealer or individual who is selling, needs to be mention at the top of the contract along with their contact addresses. This includes their names, street addresses and company names if they belong to any.
- Name the goods or products that will be sold or purchased:
clearly state the names of the products that are going to be transferred from one owner to another. This way if the desired products are not delivered by the vendor, this document can be used in court as evidence. Here the deadline to deliver the products is also discussed to make sure that the buyer receives all the products or goods on time.
- Price of the goods or products:
this point indicates the price that the buyer has to pay the seller or vendor in return of the products he has received. This also states the timeframe in which the buyer is required to pay off the money in full. If both parties are agreed to pay in installments, the contract also mention it.
- Special conditions (if any):
this point explains if there are some special conditions which the vendor or buyer are agreed to follow. Some parties discuss the consequences that the other party will face if they don’t deliver the product or don’t pay in time or the legal situation one will face if he or she violates any condition of the contract or if one party leaves, what will happen to the other one.
How to prepare a Selling Contract:
- State the vendor’s company name at the top of the contract along with the name of the purchaser.
- Name all the parties that are involved in the agreement and provide their contact information like phone numbers and street addresses.
- Provide all the needed information about the products or goods that are going to be delivered. This step also acts like a purchase order which can be used as an authenticated legal document in case of any dispute or misunderstanding.
- After that it’s essential that the contract states price of each and every product or good and the gross amount that the buyer owes to the seller. Here the seller also provides a timeframe in which the buyer is required to pay off the amount he owes in full.
- If any party violates a condition or want to leaves the project, the contract should state the consequences in case of those circumstances.
- At the end, both parties are needed to sign the contract and put their thumb impression at the end.
Here is preview of a Free Sample Selling Contract Template created using MS Word,
Here is download link for this Selling Contract Template,