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Purchase Agreement Standard
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Prepared for:
[Buyer Name]

Prepared by:
[Seller Company Name]

Purchase Agreement - Standard

This Purchase Agreement (hereinafter referred to as the "Agreement"), is made on the effective date [Date]

By and Between

The Company [Seller Company Name], (hereinafter referred to as the "Seller"), having its principal place of business [Address], and;

The Buyer [Buyer Name], (hereinafter referred to as the "Buyer"), having its place of address at [Address]

for the purpose of setting out the terms and conditions for this Purchase Agreement.

Both the Buyer and the Seller are collectively referred to as "Parties", and as "Party" individually.

WHEREAS, the Seller's Company is in the business of providing services/product [Mention the Business Type]

AND WHEREAS, the Buyer is desirous of purchasing the service/product from the Seller

THEREFORE, in consideration of the mutual covenants and promises contained herein, the Parties hereby agree as follows:
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Terms and Conditions

1. Products/Services

The Buyer agrees to purchase such products/services from the seller as mentioned below:
  1. [Mention the Products/Services]

2. Buyer's Responsibility

The Buyer agrees to use the seller's intellectual property for the pre-discussed scope of work with the seller which is as follows:

  1. [Mention Buyer Scope of Work]

[Add Additional Responsibility if any]

Please Note: If the Buyer uses the seller's products/services for any external purpose without the seller's knowledge; and/or the seller has not been priorly informed of such decisions, then the seller shall not be held responsible for any legal complications which may arise out of such a decision.

3. Seller's Responsibility

  1. The Seller acknowledges that it shall comply with all the duties entered into as on the date mentioned in the task order.
  1. The Seller shall exercise reasonable care and diligence in handling the products/services outlined in the agreement.
  1. The Seller shall also provide all the necessary information to the Buyer relating to instructions on using the seller's intellectual property, such that the buyer does not face any hassle while using the seller's intellectual property.

4. Copyright

The Seller reserves the rights to any intellectual property arising out of this Agreement, except the ones that may arise out of the ownership of the products/services which the Buyer agrees to purchase.

5. Purchase Order

Purchase Order shall contain the following data:
  1. Description of Services/Deliverables
  1. Deadline
  1. Pricing
  1. [Add More]

Please Note: All Purchase Orders contain the terms and conditions of the Agreement. In the event of any conflict or discrepancy between a Purchase Order and the Agreement, the terms and conditions of the Agreement shall hold more weightage, unless specifically agreed upon by both parties.

6. Rate

The Buyer agrees to such standard pre-determined rates set by the Seller. The following rates shall imply unless otherwise mutually modified by both parties.
Products/Services
Amount
[Mention Products/Services]
$[0.00]
[Mention Products/Services]
$[0.00]
[Mention Products/Services]
$[0.00]

7. Payment

The Buyer shall pay the Seller as per the agreed amount, a sum of $ [0.00]. The payment shall be made after the invoice has been sent by the Seller. The mode of payment shall be [Payment Mode] or any other mode of payments as mutually agreed by both the Parties.

8. Conflict of Interest

The Seller represents that the performance of this Agreement does not conflict or cause a breach; and/or the seller shall not accept any task from any other business organization that creates any conflicts between the Parties.

9. Termination

This Agreement shall be terminated once the Buyer's need of Seller's product/services is accomplished. In addition, it can be terminated anytime by any of the Parties by providing the other party with written notice of termination at least [Number of days] in prior. During the termination of this Agreement, the Buyer shall return all the necessary documents to the Seller.

10. Inspection

The Buyer shall promptly inspect the product/services to maintain their good condition. The Seller shall allow the Buyer to inspect the product/services at any time during this Agreement.

11. Cancellation

Buyer reserves the right to cancel any portion of the products/services if there is a default from the seller's end and/or any other insolvency of Seller’s operations and/or any petition filed under any state or federal law relating to bankruptcy, arrangement, reorganization, receivership, or assignment for the benefit of creditors. In addition, the Buyer shall be charged a penalty of $[0.00] as compensation for canceling products/service purchase last minute without notifying the seller; and/or without the seller's fault. If the buyer provides notice before [No. of Days] from the Task Completion Date then no such penalty shall be charged.

12. Confidentiality

The Parties agree to not disclose or use any information acquired during the virtue of this agreement without the written authorization of the concerned Party to any other party outside this agreement. The Parties undertake to maintain this confidentiality during as well as after the termination of this agreement and the same shall extend and apply to their respective employees and agents.

13. Limitation of Liability

Neither Party shall be liable to the other for indirect, special, or consequential damages arising out of this Agreement hereunder, including but not limited to loss of profits or equipment, or other costs.

14. Relationship of Parties

Nothing contained in this Agreement shall be taken to establish any partnership, joint venture, or employment relationship. The Parties hereby declare that there shall no other relationship between them besides the one defined in this Agreement until the completion or termination of this Agreement.

15. Indemnification

Both Parties agree, respectively at their own expense, to indemnify, defend and hold harmless all the other parties subject to this Agreement from any actions, suits, claims, damages (actual and consequential), judgments, levies, executions, liabilities, losses, expenses, and other costs incurred in connection with this Agreement or related in any way to their usage, supply, distribution or resale of any of the Services and Products sold or bought hereunder.

16. Arbitration

In the event of any dispute arising in and out of this Agreement between the Parties, it shall be resolved by Arbitration. There shall be [Number of Arbitrators] Arbitrators which shall be appointed by [Party Name]. The venue of Arbitration shall be [Venue/Location of Arbitration] and Seat shall be of [State]. The Arbitrators' decision shall be final and will be binding on both the Parties.

17. Warranty

The Seller represents and warrants that the property transferred by this Agreement is by law, true and lawful; and that the title so transferred is free, clear, and is without any financial liability. The Seller also acknowledges that it holds the position to authorize the transaction and provide such products/services.

18. Miscellaneous

  1. Severability: In the event, any provision of this Agreement is deemed to be invalid or unenforceable, in whole or part, that part shall be severed from the remainder of this Agreement, and all other provisions shall remain in full force and effect as valid and enforceable.
  1. Assignment: Neither of the Parties shall have the authority to transfer, charge, or dispose of any rights or liabilities under this Agreement.
  1. Governing Law: This Agreement shall be governed in all respects by, and be construed in accordance with, the laws of State of [State].
  1. Force Majeure: Neither of the Parties shall be liable for any failure in performance of any obligation under this Contract due to causes beyond that Party's reasonable control (including and not limited to any pandemic, fire, strike, act, or order of public authority and other acts of God) during the pendency of such event.
  1. Modification: No modification of this Agreement shall be made unless in writing signed by both Parties.
  1. Notices: Any notices required or permitted by this Agreement shall be in writing and delivered by certified mail or courier to the above-mentioned address.
  1. Entire Agreement: The Entire Agreement herein set forth by the Parties hereto is binding upon both the Parties.
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Acceptance and Signature

Both Parties shall provide their acceptance by signing below:
[Buyer Name]

[Seller Company Name]
Signature
Assign signer 1
Name
Assign signer 1
Date
Assign signer 1
Signature
Assign signer 2
Name
Assign signer 2
Date
Assign signer 2
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Free Purchase Agreement - Standard Templates

Our ready-to-use purchase agreement template comprehensively covers and attends to all your requirements for a purchase that you are making. Download now and get going.