Purchase Contract Template

By | September 16, 2013

This contract is an essential part of a purchasing procedure as it ensures that the buyer receives all the demanded products or services and the seller gets his money on time. Companies as well as individuals purchase a lot of products and goods on regular basis and they need to keep a record of every purchase as it will be useful to claim the delivery or warranty afterwards. Buyers as well as sellers, use this document in the court as evidence to sue the other party if they violated any agreement conditions or regulations and although it depends on the local law and government, but this contract is considered the most important and official document in the purchase process.

Here is preview of this Free Purchase Contract Template created using MS Word,

Purchase Contract Template

Essential elements to include in a purchase contract:

  • Price:
    this provides the correct price of the products or services that are going to be delivered along with the special discounts, concessions, shipping charges and additional charges (if any).
  • Terms:
    this provides the information about the timeframe in which the buyer is required to pay off the money in full. If he is allowed to make monthly installments or if the seller asked him to pay once and in full, all those conditions are stated here.
  • Warranty:
    this states that the product is free of faults and the vendor has checked each and every item and if the consumer finds any fault or something breaks down, the vendor is bound to repair or replace the product if it’s in the warranty period provided by the vendor.
  • Disclaimers:
    this explains what are the conditions or circumstances that terminate the warranty. For example the seller is only bound to replace or repair the product if it’s a manufacturer fault and not because the consumer used in outside in rain and water damaged the equipment.
  • Limited liability clause:
    this explains the amount the seller has to pay if the product has some faults or the customer is not satisfied with the results. Not all the vendors state this section in the purchase contract and just think to handle the situation when it will happen.

How to prepare a purchase contract:

  • Start the contract by putting the names and contact addresses of both buyer and seller at the top of the contract.
  • After that you are required to provide a small but brief description of the product(s) that are going to be delivered.
  • Here the selling price of each product is described upon which both the buyer and seller are agreed. If the buyer gets special discounts, it’s also discussed here. It’s up to the situation if the buyer will pay for the delivery charges or if the vendor will.
  • Here the vendor enlists the type of warranty he will provide with the products i.e. its standard warranty, special warranty or quitclaim warranty.
  • Include the amount that the buyer has already paid to the vendor prior to the delivery just to make sure that he is going to receive all the products or goods. Usually it’s about the 10% to 15% of the gross amount of the entire contract.
  • The buyer is needed to provide a timeframe in which the vendor is required to deliver all the products and if it expires, the contract will be terminated.
  • Depending upon the situation and circumstances, if the buyer or seller wants to add anything additional, they have all the rights to do that and the other party should consider reviewing them.
  • At the end both buyer and seller are required to sign and put their thumb impressions to make the contract official and authenticated.

Here is download link for above mentioned free Purchase Contract Template,

download template

Related Word Templates

  • Labor Contract TemplateLabor Contract Template A labor contract which is also called an employment contract is a document that defines the relationship between the employer and employee. This way they both have a clear knowledge of what they are supposed to do and what the other party requires from them. When a company hires an employee, the recruiter assumes some duties or responsibilities that the employee will perform at the job […]
  • Partnership Contract TemplatePartnership Contract Template Although everyone wants to handle the business by his own and decide without concerning anyone else, but sooner or later, everyone needs a partner if he wants to improve the business or start a new project. This explains why companies do partnership when they were doing fine before. When two or more partners do a partnership together, they need to sign a legal document to limit the […]
  • Confidentiality Contract TemplateConfidentiality Contract Template Confidentiality agreement is used by two companies at the commencement of new work therefore it should be in standard written form. It is important to bind all parties to conceal sensitive information from outsiders. Confidentially contract is a clear indication that the information is private and only for the contract parties. This type of contracts are used as incentives to build […]
  • Sales Contract TemplateSales Contract Template A selling contract is signed for the purpose of sales matters between the purchaser and seller. With the passage of time the need for the selling agreement has been intensively recognized to ensure the standardized terms of trade and for a good investment. The investment on the selling contract prior to entering in the business terms prove to be worthy if anything bad happens later […]
  • Business Contract TemplateBusiness Contract Template A Business Contract is an agreement which is made between any two organizations, parties with mutual consent after their decision or agreement to enter in business relationship with one another. This contract is in other words a legal enforceable promise to abide one another for mutual sharing of the profits and losses in accordance with the already decided or signed obligations. The […]
  • Service Contract TemplateService Contract Template Service Contract is offered on home appliances, electronics, cars and other major appliances, to give you a relief from the hassles of repair. It is just like a purchase of peace of mind with the item whether you make your shopping from a retail store, online store, company outlet or a catalog, service contracts are usually there as an additional convenience. According to an […]
  • Tenancy Contract TemplateTenancy Contract Template A Tenancy Contract is a deal between a landlord and single or more personalities involved in breathing in the assets or performing a trade there. Rental Concords are one of the more ordinary varieties of concord in English by law and, for the reason that they compact with residences and commerce location, one of the more vital. The reason of a tenancy concord is to place the terms and […]
  • Rental Contract TemplateRental Contract Template The structure and the layout of the tenancy contract should be unambiguous from the owner’s side and the from the tenant’s side as well. It is compulsory that the both parties should agree on all points of the contract with a nice mutual consensus. An apparent contract contains many things like terms and conditions from both sides clearly mentioned because it will help both sides in […]
  • Outsourcing Services Contract TemplateOutsourcing Services Contract Template Outsourcing is a word quite commonly used in the business world owing to its importance. Every employee working in a private or public limited company is familiar with this term. Outsourcing basically means to contract out. Outsourcing has become a widespread practice where companies transfer some part of their work to outside companies that are more competent and specialize in various […]
  • Return Address Label TemplateReturn Address Label Template Unlike a few years back when people love to go out and shop by themselves, no w people prefer to shop online without going anywhere. There are thousands of websites on the internet which offer online shopping services and this way they deal cash on delivery process. As someone orders a product online, he asks the seller to deliver the product at his doorstep and in this process, he […]