The Sale of Goods Contract is a fundamental commercial agreement used when one party wishes to sell and another party wishes to purchase specific goods. This contract type is essential for businesses operating in the United States, where it falls under the governance of the Uniform Commercial Code (UCC) Article 2. The agreement should be used whenever there is a commercial transaction involving the sale of movable goods valued at $500 or more, as required by the Statute of Frauds. It typically includes detailed specifications of the goods, pricing structures, delivery terms, warranty provisions, and risk allocation between parties. The Sale of Goods Contract serves as a crucial tool for protecting both buyers' and sellers' interests while ensuring compliance with federal and state commercial regulations.
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1. Parties: Identification and details of seller and buyer
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Description of Goods: Detailed specification of goods being sold
5. Price and Payment Terms: Purchase price, payment schedule, and method
6. Delivery Terms: Timing, location, and method of delivery
7. Title and Risk: When ownership and risk transfers from seller to buyer
8. Warranties: Standard warranties applicable to the goods
9. Termination: Circumstances and process for ending the agreement
10. Governing Law: Jurisdiction and applicable law
1. Quality Assurance: Specific quality standards and testing requirements for technical or specialized products
2. Insurance: Insurance requirements for goods in transit, typically for high-value items or international shipments
3. Intellectual Property: IP rights and restrictions when goods involve proprietary technology or designs
4. Force Majeure: Provisions for unforeseen circumstances, recommended for long-term or high-value contracts
1. Product Specifications Schedule: Detailed technical specifications of goods
2. Pricing Schedule: Detailed breakdown of prices for multiple items
3. Delivery Schedule: Detailed delivery timelines for multiple shipments
4. Quality Standards Schedule: Specific quality requirements and testing procedures
5. Warranty Terms Schedule: Detailed warranty conditions and procedures
Relevant legal definitions
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Relevant Industries
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