The Simple Buy Sell Agreement is a fundamental commercial document used to formalize sales transactions in Hong Kong. This agreement is particularly suitable for straightforward sales of goods where parties need a clear, legally compliant document that covers essential terms without unnecessary complexity. It can be used for both one-time and recurring transactions, incorporating key provisions required under Hong Kong law, particularly the Sale of Goods Ordinance. The document is designed to protect both buyers' and sellers' interests while maintaining simplicity and clarity. It's commonly used by businesses of all sizes, from small local companies to large corporations, and can be adapted for various types of goods and commercial arrangements. The agreement includes crucial elements such as product specifications, pricing, payment terms, delivery arrangements, and warranty provisions, all structured to comply with Hong Kong's commercial law framework.
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1. Parties: Identifies and provides full details of the seller and buyer
2. Background: Brief context of the transaction and relationship between the parties
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including description of goods and transfer of ownership
5. Purchase Price: Specifies the price and currency of the transaction
6. Payment Terms: Details of how and when payment will be made
7. Delivery: Terms regarding delivery method, timing, and location
8. Title and Risk: Specifies when title and risk in the goods passes to the buyer
9. Warranties: Standard warranties regarding ownership, quality, and condition of goods
10. Termination: Circumstances under which the agreement can be terminated
11. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction
12. Entire Agreement: Confirms the agreement represents the entire understanding between parties
1. Condition Precedents: Used when the sale is subject to certain conditions being met before completion
2. Intellectual Property: Include when the sale involves goods with associated IP rights
3. Confidentiality: Added when sensitive information will be exchanged during the transaction
4. Insurance: Include when specific insurance requirements need to be maintained
5. Return Policy: Used for retail sales or when return rights are being granted
6. Quality Inspection: Include when buyer has right to inspect goods before acceptance
7. Force Majeure: Added when parties want protection from events beyond their control
8. Assignment: Include when transfer rights need to be specifically addressed
1. Schedule 1 - Description of Goods: Detailed specification of goods being sold including quantity, quality, and technical details
2. Schedule 2 - Price Breakdown: Itemized breakdown of the purchase price if multiple items or components are involved
3. Schedule 3 - Delivery Schedule: Detailed delivery timeline if multiple deliveries are involved
4. Schedule 4 - Quality Standards: Specific quality requirements or standards that the goods must meet
5. Schedule 5 - Warranty Terms: Detailed warranty terms and conditions if more extensive than in main agreement
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