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Sales Agreement
THIS SALES AGREEMENT (the "Agreement") dated this ________ day of ________________, ________
BETWEEN:
______________ of ________________________________________________ (the "Seller")
OF THE FIRST PART
- AND -
______________ of _________________________________________________ (the "Buyer")
OF THE SECOND PART
IN CONSIDERATION OF THE COVENANTS and agreements contained in this Sales Agreement the parties to this Agreement agree as follows:
SELLER:
BUYER:
IN WITNESS WHEREOF the parties have executed this Sales Agreement on this ________ day of ________________, ________.
______________________________(Witness)
____________________________________________ (Seller)
____________________________________________ (Buyer)
A Sales Agreement, also known as a Sales Contract or Sales of Goods Contract, is used to specify the terms of a transaction between two parties.
You can use a Sales Agreement for purchasing/selling:
When creating your Sales Agreement, clearly describe the item and/or service. This should include a physical description and the quantity being sold.
Buyer: the individual or corporation purchasing a good or service from a seller
Seller: the individual or corporation selling a good or service
In a service contract, you will need to determine a payment plan. Here are the decisions you need to make:
Payment type is how the buyer intends to pay the seller. Payment can come in the form of:
The seller should provide a receipt to the buyer for transactions involving cash.
Deposit is a specified amount of money that a buyer gives to a seller as security that they will follow through on the transaction. If the buyer chooses to purchase, the deposit will go towards the purchase price. The deposit can be refundable or nonrefundable, meaning that either the deposit is returned to the buyer or kept by the seller if the deal does not go through.
It is important to include payment due dates for both the payment itself as well as the deposit in the Sales Agreement, if applicable, to make the transaction details clear.
You may wish to include terms regarding where the goods will be delivered. This can be at the buyer's address, the seller's address, or at another specified location. The seller can be compensated after the buyer has received the goods, the seller has shipped them, or a Bill of Sale has been created.
While a Sales Agreement and Bill of Sale have similar purposes, a Sales Agreement offers a more detailed payment plan and provides warranties on the item. It also allows both parties more flexibility prior to completing the agreement by arranging terms to secure goods before they are purchased.
A Bill of Sale is a form evidencing that an item's ownership has been transferred from one party to another. It can be used as part of a Sales Agreement to prove that the goods officially changed hands.
Liability addresses the goods' risk of loss or damage and determines who is responsible for the item at each point of the transaction. Liability can be transferred to the buyer once:
Warranty refers to the guarantee that a seller makes about the quality and condition of goods.
Here are some of the guarantees a seller can make regarding an item:
"As is" refers to when a seller offers no warranties on an item, which means they do not guarantee the quality of the goods to the buyer, and the buyer agrees. This condition only works if the seller has not purposely hidden any flaws.
Sample
Create Your Sales Agreement
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