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Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document.
This is an agreement between a seller and a buyer to supply and purchase products on the delivery date specified in the agreement. The agreement includes provisions for definitions, supply and purchase, delivery, payment, and termination. Under supply and purchase, the seller agrees to sell and the buyer agrees to purchase the products as described in the agreement. The seller will apply labels or other identification codes to the products as requested by the buyer and package them in accordance with the seller's standard specifications for international shipments. The delivery of the products will be made by the seller to the specified place on the delivery date, with the risk and title to the products passing to the buyer upon delivery to the carrier. The buyer shall pay reasonable shipping or delivery costs while the seller shall bear all the risk of damage or loss until the products are delivered to the buyer.
Invoices shall be issued and dated by the seller on shipment, and payment shall be made within a specified number of days from the date of the invoice by credit transfer. If the buyer fails to pay the amount of any invoice on the due date, the seller shall be entitled to suspend deliveries of the products until the amount outstanding has been received by the seller from the buyer. In the event of an Event of Default by either party, the non-defaulting party may terminate the agreement after giving written notice to the defaulting party.
The agreement shall be governed by the laws of the jurisdiction in which the seller is located. The headings in this agreement are for convenience only and shall not affect its interpretation. This agreement constitutes the entire understanding between the parties and supersedes all prior negotiations, understandings or agreements between them.
To use this document, follow these steps:
1. Familiarise yourself with the parties involved in the agreement. Party 1 is the seller, while Party 2 is the buyer.
2. Understand the definitions of the terms used in the agreement. Definitions are provided in section 1, which include Delivery Date, Products, Price, and Force Majeure.
3. Review section 2 which outlines the supply and purchase terms. The seller agrees to sell the products while the buyer agrees to purchase them as described above. The seller will also package the products and provide reasonable label requests.
4. Examine section 3 for the delivery details. The seller will deliver the products to a specified location on the Delivery Date. The buyer must report any shipment shortages within 30 days of receipt. The buyer will be responsible for paying reasonable shipping costs, while the seller will bear the risk of damage or loss until delivery.
5. Understand section 4 for payment terms. The buyer must pay the invoice amount within the specified number of days. The price for all products excludes any applicable taxes, which the buyer will be responsible for paying. If the buyer fails to pay the invoice, the seller can suspend deliveries and charge an annual interest rate of 2% above the base rate.
6. Review section 5 for termination details. Either party may terminate the agreement in the event of default by the other party. Termination may also occur if the other party becomes insolvent or goes into liquidation.
Using this document can help both the seller and the buyer formalise their agreement and establish clear terms for the purchase and delivery of products. By following the steps outlined in the document, both parties can be assured of their respective obligations and responsibilities.