Establish terms for buying or selling products: Product Agreement
What is a Product Agreement?
Buying and selling are the basis of business, but in the rush to complete a transaction, it's sometimes easy to skip the details. Writing up a solid Product Agreement may actually save you money down the road. It's smart to get a written quote up front. In a Product Agreement, you can describe the items in detail and include quality standards that the seller must meet. You can specify when and where your items will be delivered. What happens if the goods don't arrive, or come late? Or what if you don't get paid for the products? Or if the price suddenly changes? You might not realize you don't have anything beyond a verbal agreement until it's too late. Customers might be counting on you having products on a certain date. You might have even accepted backorders. Or maybe you run a small business and getting paid on time means your mortgage gets paid. A Product Agreement can help keep you in the clear.
When to use a Product Agreement:
- You're selling goods to another business.
- You're buying products from another business.
- You manage a company where goods are sold or bought.
Sample Product Agreement
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General Contract for Products
This General Contract for Products (this "Contract") is made effective as of , between , of , , ("Seller"), and , of , , ("Buyer").
. ITEMS PURCHASED. Seller agrees to sell, and Buyer agrees to buy, the following products (the "Goods") in accordance with the terms and conditions of this Contract:
Description:
Quantity:
Unit Price:
Total Price:
TOTAL:
. PAYMENT. Payment shall be made to
In addition to any other right or remedy provided by law, if fails to pay for the Goods when due, has the option to treat such failure to pay as a material breach of this Contract, and may cancel this Contract and/or seek legal remedies.
. DELIVERY. Time is of the essence in the performance of this Contract. arrange for delivery, by carrier chosen by Seller, make the Goods available to Buyer
. WARRANTIES.
SHALL IN NO EVENT BE LIABLE FOR ANY INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES OF ANY NATURE, EVEN IF HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
. INSPECTION. The Buyer, upon receiving possession of the Goods, shall have a reasonable opportunity to inspect the Goods to determine if the Goods conform to the requirements of this Contract. If the Buyer, in good faith, determines that all or a portion of the Goods are non-conforming, the Buyer may return the Goods to the Seller at the The Buyer must provide written notice to the Seller of the reason for rejecting the Goods. The Seller will have days from the return of the Goods to remedy such defects under the terms of this Contract.
. DEFAULT. The occurrence of any of the following shall constitute a material default under this Contract:
| a. The failure to make a required payment when due. |
| b. The insolvency or bankruptcy of either party. |
| c. The subjection of any of either party's property to any levy, seizure, general assignment for the benefit of creditors, application or sale for or by any creditor or government agency. |
| d. The failure to make available or deliver the Goods in the time and manner provided for in this Contract. |
. REMEDIES ON DEFAULT. In addition to any and all other rights available according to law, if either party defaults by failing to substantially perform any material provision, term or condition of this Contract (including without limitation the failure to make a monetary payment when due), the other party may elect to cancel this Contract if the default is not cured within days after providing written notice to the defaulting party. The notice shall describe with sufficient detail the nature of the default.
. NOTICES. Any notice or communication required or permitted under this Agreement shall be sufficiently given if delivered in person or by certified mail, return receipt requested, to the addresses listed above or to such other address as one party may have furnished to the other in writing. The notice shall be deemed received when delivered or signed for, or on the third day after mailing if not signed for.
. ENTIRE CONTRACT. This Contract contains the entire agreement of the parties regarding the subject matter of this Contract, and there are no other promises or conditions in any other agreement whether oral or written. This Contract supersedes any prior written or oral agreements between the parties.
. AMENDMENT. This Contract may be modified or amended if the amendment is made in writing and signed by both parties.
. SEVERABILITY. If any provision of this Contract shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Contract is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Contract shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Contract.
. APPLICABLE LAW. This Contract shall be governed by the laws of the State of .
. SIGNATURES. This Contract shall be signed on behalf of by and on behalf of by .
Buyer:
| By: | Date: |
Seller:
| By: | Date: |
