A Sale of Goods Agreement is a contract between two parties governing the terms for the sale and purchase of goods.
A Sale of Goods Agreement defines the responsibilities of the buyer and the seller and establishes the terms on which a seller sells and transfers goods to a buyer.
A Sale of Goods Agreement also sets out the exact nature of the goods, as well as price and payment terms and what happens at the end of the contract.
- Description of the goods and relevant taxes/duties;
- Shipping or collection details;
- Delivery time;
- Price of goods, including taxes and duties;
- Deadline for payments and interest on outstanding or late payments;
- Deposit details;
- Payment method;
- Notification of defective goods;
- Arrangements for unexpected delays; and
- Situations in which either party may wish to terminate the arrangement early (with consideration given for what may constitute minor and major breaches of contract).