Whenever you purchase stuff, then you have to deal with the purchase agreement. In the business, some multiple agreements should be made by the parties involved before the transaction is taken place. This is why you need the equipment purchase agreement template.
On this page, you will find a simple equipment purchase agreement template that can be used for formal and professional conditions. In this article, we will discuss how to make this agreement properly.
What To Include In The Purchase Agreement Form?
The main purpose of creating this document is protecting the sellers (under the law) when the buyer agrees to purchase the selling items. Here is the format that you have to include when drafting the document:
- Buyer’s Name – This is stated in the agreement clearly that the buyer’s name should be accurate because this is the business contract. If you don’t the agreement becomes null. You also need to make sure there is no error spelling name.
- Seller’s Name – If your position is the seller, then it is important too to fulfill the agreement with your clear identity. State the full name if you are working for a company and write down the name of the company too clearly.
- Adress – Next is the address of both parties. This should include the contact of each party too!
- The Agreement – Once you have done with the basic information, now it is to move on the agreement contents. In this part, each sentence matter and should be clear so it will not result in ambiguity. State any kind of equipment you are subjected to, the price, and others so it can be evidence in front of the law when you find the buyer breach the agreement.
If you want another template reference, you can also check our purchase and sale agreements for more complete details and usage. It comes with complete details and interesting layouts.
- Delivery and Acceptance – If your position here is the seller, then point out the condition of the stuff your buyer wants to purchase. If it is a brand new stuff, then state in the agreement that the condition of the product is new, or if it is not, state it clearly. Why you should put this information? Because most buyers often use this reason against the seller. In this case, most sellers miss out on such details so they lose the argument in front of the court.
- Purchase Payments – State in the document about the amount of the payment. This section will also discuss how the payment will be paid. State the payment method and make sure you also write down certain period your buyer should pay.
- Maintenance and Repair – Unless you state in the document that you are responsible for the damage and repair, then the customer will be the one who fixes this.
That’s all our quick tips about how to make an equipment purchase agreement. If you are not sure about the contents, download our equipment lease-purchase agreement template here.
Sample Equipment Purchase Agreement Template