Here is sample Purchase Contract Template for you to download. It is a legal contract entered into by a buyer and seller before a purchase transaction. The seller informs all the terms and conditions of the sale of goods or services to the seller through this contract. It also specified all the obligations from the buyer’s side before and after the sale is affected. The contract shall also lay down precisely the credit period and payment terms to be adhered by the buyer over the period of the contract. It shall also mention the applicability of any charges in the form of penalty or interest for default or delay in payments within the due date. It will be useful for you to download Purchase Contract Template.
The contract becomes legally enforceable only when both the parties sign in the presence of witness. Purchase contracts are usually entered by companies which have frequent requirements of materials in order to protect themselves from shortage of stock during crisis. For example, hotels, vegetables and fruit vendors, food and snack selling companies, etc. Purchase contracts also ensure that suppliers/sellers do not alter the prices as they are already fixed as per purchase contracts. It helps the buyer is preparing his financial projections in a more accurate and precise manner. Before entering into a purchase contracts a buyer should conduct a market analysis of the prices offered by various suppliers. Multiple quotes from vendors will ensure that the supplier with cheapest price and best quality are chosen to enter into a contract.
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