Sales Agreement Attorney Alexandria VA
A sales agreement is a contract between a buyer and a seller that outlines the terms of a transaction between two parties.
A sales agreement is different from bills of sale in that you must meet its conditions first to bring sales to completion. A sales agreement states the product on sale, the value of transaction, funding methodology, and how the purchase will occur.
What is the use of a Sales Agreement?
Starting from the bases, it serves as the buy/sell agreement in the event where goods or services need to change possession in exchange for compensation.
Secondly, it is an everyday setup that helps the buyer and the seller deal with foreseeable increases or decreases in factors like product demand and product costs.
Thirdly, the sales agreement is often handy for the business sales and supply departments for large publicly traded entities.
What Should a Valid Sales Agreement Contain?
A working sales agreement should entail all the basic information that relates to the transaction, including Name and the contact info of the parties, sales quantities and prices, description of the goods you`d transfer, terms of payment and shipping, and the return policies.
Aside from those, it might also include:
- Warranty for damaged or defective goods
- Periods in which the buyer can inspect or try out the product
- Which state laws will govern the sale agreement because business laws vary from state to state
- Whether the parties can resort to litigation or alternative dispute resolution in the event of a dispute
- Whether the sales agreement is subject to renewal, modification, or amendments
A provision stating whether the agreement is to be the only legally binding document for the transaction, or whether other materials may serve as a reference
What are the Consequences of Violating a Sales Agreement?
A valid sale agreement is essentially a contract that creates a legally binding relationship between the parties. Violation of the terms of the sale agreement may have severe consequences.
Depending on your contract, your partner can sue you for the breach of the contract. If you have a binding clause in your contract, you might be accountable for the stipulated damage.
Is a Lawyer Necessary to Help with Sales Agreement?
Sales and purchase agreements can be subject to several legal exceptions. You might need to contact a lawyer when writing or editing a sales agreement. If a legal dispute arises, a lawyer can help you during legal proceedings. Call today or fill the form below.