Sales contract definition example – At any time you sell something with someone, you need to set up a contract. This contract provides protection to you, the seller, and to the purchaser. Adding information that will protect the purchaser will also attract the buyer into most likely agreeing into terms.
The basic information which should be in this contract is the make and model, the price, and contact information for both parties. The market item contract should also include a disclosure about the product, including a listing of things that you know have to be fixed. You should also have a phrase stating that the item is being sold as is, unless of course you’ve agreed to perform repairs before the final sale.
If you are selling your privately and you opt to take a delayed payment, you’ll have to include all information concerning the payment in your market item contract. This information must include the amount of cash to be paid, how many payments will be made, when the installments will be made, and when the last term of the contract should be fulfilled. The thing sell contract should also list details about late payment penalties, and when the seller has the right to recover the property if the arrangement ought to be breached.
As well as the product and price, the thing sell agreement must state whether or not the item has a clear title, and in what state the product is titled in. In most states it’s legally required to have a clear title so as to sell a item for whatever other than just parts. If your item does not have a clear title, be certain the contract clearly states this fact, and that the item is being sold for parts only. Of course, your contract should be signed by all parties, and all parties should receive a copy. Some countries require a notary as well, so make certain to check the local laws. You might also find templates for sell item contracts readily through free legal form sites or Microsoft template sites. Take a look the sample of sales contract definition example below at the attachment page.