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A sale of goods agreement, as the name suggests execute between a buyer and seller and governs. The terms and conditions to be adhere between a buyer and seller. Before and during the persistence of transaction and for as long as it continues to exist. The parties to a sale and goods agreement shall by their own free will and consent. Enter the agreement and adhere to the same. The property must be definable and tangible and shall not be against the public policy and laws. Applicable within the territory of India. Every such transaction between a buyer and seller takes place pursuant to an exchange of consideration. As maybe specified and agreed between the parties in advance.
The agreement must expressly state the willingness, free will and consent of the parties to enter into the prospective transaction between the parties. The consent is not just limit to the occurrence of the sale between the parties but also extends to the other terms and conditions specified in the agreement.
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1 What does the agreement specify?
What does the agreement specify?
The agreement must specify the price to be payable by the seller and also an express intimation of the way and part such payment shall be made. Further, in case of default in making payment interest amount/penalty shall also be specified. Additionally, other conditions may also be specified such rights of both the parties entering the transaction both collectively and their individual capacity.
Other details such as transfer of title, limitation of liability, taxes, notices etc shall be specified. The parties must provide their detailed addresses for correspondence. It must be ensured that a dispute resolution clause is also added for the parties to be prepared and formulate their strategies and resolve the disputes without getting into discourse and adhering to the clause as specified in the agreement itself.
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