The Simple Buy Sell Agreement is a fundamental commercial contract used in Malaysia to formalize the sale and purchase of goods between parties. This document is particularly suitable for straightforward commercial transactions where detailed terms beyond the basic elements of sale are not required. It incorporates essential provisions required under Malaysian law, including elements specified in the Contracts Act 1950 and Sale of Goods Act 1957. The agreement is designed to protect both parties' interests by clearly stating the terms of sale, payment conditions, delivery requirements, and basic warranties, while remaining simple enough for regular business use. It serves as a versatile template that can be adapted for various types of goods and transaction values, though for more complex transactions or regulated goods, additional specific provisions may need to be incorporated.
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1. Parties: Identifies and provides full details of the seller and buyer, including registration numbers for companies or IC numbers for individuals
2. Background: Brief context of the transaction and relationship between the parties
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Subject Matter of Sale: Detailed description of the goods being sold, including quantity and specifications
5. Purchase Price: States the agreed price and currency
6. Payment Terms: Specifies payment method, timing, and any installment arrangements
7. Delivery: Details of delivery arrangements, timing, and location
8. Title and Risk: Specifies when ownership and risk transfers from seller to 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: Specifies Malaysian law as governing law and jurisdiction
12. Execution: Signature blocks and execution details
1. Conditions Precedent: Use when completion of sale is subject to certain conditions being met
2. Inspection Rights: Include when buyer requires pre-delivery inspection rights
3. Insurance: Add when specific insurance requirements need to be maintained during transit or storage
4. Intellectual Property: Include when the sale involves goods with associated IP rights
5. Confidentiality: Add when transaction details need to be kept confidential
6. Force Majeure: Include when parties want protection from unforeseen circumstances
7. Assignment: Add when transfer rights need to be restricted or permitted
8. Dispute Resolution: Include when specific dispute resolution mechanisms are preferred over court litigation
1. Schedule 1 - Product Specifications: Detailed technical specifications of the goods
2. Schedule 2 - Price Breakdown: Itemized pricing 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 and standards to be met
5. Schedule 5 - Warranty Terms: Detailed warranty terms and conditions if extensive
6. Appendix A - Required Documents: List of documents required for completion of sale
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Wholesale Trade
Consumer Goods
Industrial Equipment
Technology
Agriculture
Automotive
Electronics
Furniture
Textiles
Construction Materials
Medical Supplies
Food and Beverage
Raw Materials
Relevant Teams
Legal
Procurement
Sales
Commercial
Operations
Supply Chain
Compliance
Business Development
Contract Management
Finance
Relevant Roles
Procurement Manager
Sales Manager
Contract Administrator
Legal Counsel
Business Development Manager
Commercial Manager
Supply Chain Manager
Operations Manager
Purchasing Officer
Sales Executive
General Manager
Company Director
Legal Officer
Compliance Officer
Business Owner
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