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Whether creating a contract for real estate purposes or a business-to-business transaction, a well-detailed and planned-out contract is a must for getting business done.
Ensuring that each aspect of the sales agreement serves a purpose as well as covering the necessary bases is vital to a successful business transaction.
Check out this list of must-haves for your next sales agreement:
A quality title allows the reader to know exactly what the contract is about; accordingly, a detailed intro to a sales contract gives the reader, whether it is the buyer or seller, a summary of the details of the agreement such as cost, delivery specifics, and more.
What this does is that it describes in detail what the buyer is purchasing and how much the seller is receiving in the business transaction. This ensures the details and specifics of the agreement describing what each party is getting out of the agreement. If any problems or concerns arise, the buyer or seller (whoever is having the issue) can refer back to the agreement before appropriately complaining.
Alongside this piece is an expectation section to describe what each party expects out of the agreement, be it money or quality of product or service. Each party has standards in the agreement and they want each end of the agreement to live up to the standards of the description of goods exchanged.
A delivery section could serve useful in that it specifically explains where goods should be shipped and also where money should be sent in exchange for whatever the buyer is purchasing. This ensures that products or services, as well as funds, are not lost in the agreement process. Included should be contact information from both parties. Just in case any product is lost, sent to the wrong place, or funds are wired incorrectly, there is a designated section for either the buyer or seller to go to contact the other party.
A product inspection period is a designated time for the buyer to inspect the product to ensure it lives up to his/her expectations (hence why there’s an expectations section listed above). This makes sure that the buyer is happy with the purchase and is willing to go forward with the money transaction to the seller. This section also benefits the seller. If the buyer does not wire the correct amount of money, the seller can contact them via the contact information section in the agreement and communicate that the wrong amount of money was wired in the transaction.
Warranties are always a section that should show up on your sales agreement. This ensures the buyer that, should anything happen to the product they bought within an agreed upon time frame of it being purchased (breaks, doesn’t work, etc.), the buyer can return the product and get a new product for no extra cost. There's no reason this shouldn't be included in your sales agreement, you can even put warranties online now!
Doing this gives the buyer a sense of safety and promotes confidence from the seller’s standpoint in that they know that what they are selling is a quality product and will be dealt with if it happens to falter or break within the warranty time allotted in the contract.
Assuming all of the previous sections stated above go as planned (products and funds get sent to the appropriate places, products hold up, correct amount of money is exchanged, etc.), the last section (and the most fun section) on a sales agreement should be the signature section. This section symbolizes the official “handshake” that both parties agree on the terms and conditions the deal can be finalized at last.
Whatever your business, a flawless sales agreement that both parties can give the “thumbs up” to will make business flow a lot smoother and make for another future sale!