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Initial Contract Of Sale
"I need an Initial Contract of Sale for the purchase of industrial machinery worth SAR 5 million from a Saudi manufacturer, with delivery scheduled for March 2025, including installation requirements and technical support provisions."
1. Parties: Identification of seller and buyer with full legal names, addresses, and commercial registration details
2. Background: Context of the sale and brief description of the parties' intention to enter into the sale agreement
3. Definitions: Key terms used throughout the agreement, including technical terms and specific terminology
4. Subject Matter of Sale: Detailed description of the goods or property being sold, including quantity, specifications, and condition
5. Purchase Price: The agreed price, currency, and whether it includes VAT or other applicable taxes
6. Payment Terms: Payment schedule, method of payment, and any conditions attached to payment
7. Delivery: Delivery terms, location, timing, and responsibility for transportation costs
8. Transfer of Ownership: When and how ownership and risk transfer from seller to buyer
9. Warranties and Representations: Seller's warranties regarding the goods and buyer's acknowledgments
10. Inspection and Acceptance: Buyer's right to inspect goods and procedure for acceptance or rejection
11. Governing Law and Jurisdiction: Confirmation of Saudi law as governing law and jurisdiction for disputes
12. Force Majeure: Events beyond parties' control that may affect contract performance
13. Notices: How formal communications between parties should be made and delivered
14. Execution: Signature blocks and execution requirements under Saudi law
1. Intellectual Property Rights: Required when the sale involves goods with associated intellectual property rights
2. Export/Import Requirements: Necessary for international sales or goods requiring special permits
3. Installation and Training: Required when the sale includes equipment requiring installation or training
4. Maintenance and Support: Relevant for technical equipment or systems requiring ongoing support
5. Confidentiality: Important when sensitive information is shared during the sale process
6. Insurance: Required when specific insurance arrangements are needed during transit or storage
7. Bank Guarantee: When payment security or performance guarantee is required
8. Compliance with Regulations: Required for regulated products or specific industry requirements
1. Technical Specifications: Detailed technical description of the goods, including drawings and specifications
2. Payment Schedule: Breakdown of payment installments and timing if not paid in full
3. Delivery Schedule: Detailed timeline for delivery if multiple shipments are involved
4. Quality Standards: Specific quality requirements and testing procedures
5. Warranty Terms: Detailed warranty conditions and claim procedures
6. Required Certificates: Copies of necessary certificates, permits, or licenses
7. Acceptance Tests: Detailed procedures for testing and accepting the goods
8. Bank Guarantee Format: Template for any required bank guarantees or letters of credit
Authors
Retail
Manufacturing
Real Estate
Technology
Automotive
Construction
Consumer Goods
Industrial Equipment
Agriculture
Healthcare
Energy
Mining
Telecommunications
Transportation
Electronics
Legal
Procurement
Sales
Finance
Operations
Compliance
Risk Management
Supply Chain
Commercial
Business Development
Contract Administration
Quality Control
Legal Counsel
Contract Manager
Commercial Director
Procurement Manager
Sales Manager
Business Development Manager
Chief Financial Officer
Operations Manager
Compliance Officer
Risk Manager
Supply Chain Manager
General Manager
Chief Executive Officer
Finance Director
Commercial Lawyer
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