The Private Sale Agreement is commonly used in Singapore for transactions between private parties involving the sale of goods, equipment, or assets. This document is essential when parties need to formalize their sale arrangement with clear terms and conditions, protecting both buyers' and sellers' interests. It includes crucial elements such as product specifications, pricing, payment terms, delivery arrangements, and warranties, all structured within Singapore's legal framework. The agreement is particularly valuable for significant purchases where parties need documented proof of the transaction terms and legal recourse in case of disputes.
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Key Requirements PROMPT example:
Private Sale Agreement
"I need a Private Sale Agreement for selling my used manufacturing equipment to another business in Singapore, with payment to be made in three installments and delivery scheduled for March 2025."
1. Parties: Identification and details of buyer and seller
2. Background: Context of the sale and brief description of the subject matter
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including price and subject matter
5. Payment Terms: Payment amount, method, and schedule
6. Delivery: Terms relating to delivery or transfer of goods
7. Warranties: Seller's warranties regarding the goods
8. Governing Law: Specification of Singapore law as governing law
1. Condition of Goods: Detailed description of goods' condition - use for used goods or items requiring condition disclosure
2. Insurance: Insurance requirements during transit - use for high-value items or international sales
3. Intellectual Property: IP rights transfer or restrictions - use when sale involves branded goods or IP components
4. Confidentiality: Non-disclosure obligations - use for commercial or sensitive transactions
1. Schedule 1 - Description of Goods: Detailed specification of items being sold
2. Schedule 2 - Payment Schedule: Detailed payment terms if installment-based
3. Schedule 3 - Delivery Schedule: Detailed delivery timeline and requirements
4. Appendix A - Inspection Report: Third-party inspection reports if applicable
5. Appendix B - Warranties: Detailed warranty terms and conditions
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