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The Ultimate Guide to Sales Agreements
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What is a Sales Agreement
A sales contract is a legal contract that governs the purchase of a assets or services buy a purchaser from a seller. These are also commonly referred to as sales agreements, customer agreements, customer contracts, etc.
What are the key terms of a Sales Agreement
clause that outlines all parties involved in the transaction.
Definition of Goods or Services
clause that lays out products or services being exchanged on the transaction.
Details of Payment
section that defines when and how the seller is compensated by the buyer.
section that outlines exactly what the seller will be delivering to the buyer.
Limitation of Liability
section that limits the liability of the seller in the instance there is an issue with the product or service.
section that outlines the time the buyer can report any issues with the product or service.
What issues to keep in mind?
Details on Payment
payments for goods and services is always a point of negotiation in a sales contract. Some businesses request 15-day, 30-day, 45-day, etc payment terms. Make sure you understand what the buyer is committing to so you can best manage your cashflow.
Limitation of Liability
Whenever possible, make sure you have a cap for your liability for goods or services you are providing. You do not want to be in a position where something goes wrong with your product or service, and your liability is undefined. This is the type of risk that can jeopardize your business.
Make sure you have a defined notice period that is understood by all parties involved in the transaction. If you do not include one, you risk a customer coming back months after you deliver the product or service and asking for a refund.
Bill of Sale
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