Nebraska Sales Agreement Contract Lawyers
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What is a Sales Contract?
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 Contract?
Parties: 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.
Delivery Specification: 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.
Notice Period: 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.
Notice Period – 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.