The As Is Purchase Agreement is commonly used in South Africa for transactions where the seller wishes to transfer assets in their current condition without providing extensive warranties or guarantees beyond those required by law. This document type is particularly relevant for used equipment sales, property transactions, or business assets where the buyer has had the opportunity to inspect the items and accepts them with known or potential defects. The agreement must comply with South African legislation, particularly the Consumer Protection Act 68 of 2008, while still maintaining its "as is" character. It's essential for transactions where the buyer assumes the risk of the asset's condition but retains statutory protections. The document typically includes detailed asset descriptions, known defect disclosures, and clear disclaimers, while preserving mandatory consumer rights under South African law.
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1. Parties: Identification and details of the seller and purchaser
2. Background: Context of the sale and brief description of the asset being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale: Core terms of sale including clear 'as is' provisions and description of the asset
5. Purchase Price: Amount, payment terms, and payment method
6. Delivery and Transfer: Terms regarding delivery or transfer of the asset
7. As Is Condition: Detailed clause specifying that the asset is sold in its current condition with all faults
8. Statutory Compliance: Mandatory provisions required under South African law, including Consumer Protection Act compliance
9. Risk and Insurance: Transfer of risk and insurance responsibilities
10. Representations and Warranties: Limited warranties and representations, clearly stating what is not warranted
11. Dispute Resolution: Process for handling disputes under South African law
12. General Terms: Standard boilerplate clauses including notices, governing law, and entire agreement
1. Due Diligence: Optional section for larger transactions where the buyer has conducted or waived due diligence
2. Intellectual Property: Required if the asset includes any IP rights or licenses
3. Environmental Matters: Necessary for sale of property or equipment that might have environmental implications
4. Export Control: Required for items that may be subject to export regulations
5. Employees: Needed if the sale involves transfer of employees or employee-related obligations
6. Tax Matters: Detailed tax provisions for complex transactions or business assets
7. Broker Fees: Include if any brokers or agents are involved in the transaction
1. Asset Description Schedule: Detailed description of the asset(s) being sold, including any known defects or issues
2. Price Schedule: Breakdown of purchase price if multiple items or payment installations are involved
3. Delivery Schedule: Specific delivery or transfer details, timing, and logistics if complex
4. Known Defects List: List of known issues or defects with the asset
5. Due Diligence Findings: Summary of any due diligence findings if applicable
6. Required Consents: List of any third-party or regulatory consents needed
7. Transfer Documents: Forms and documents required for transfer of ownership
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Automotive
Real Estate
Industrial Equipment
Construction
Agriculture
Mining
Technology
Retail
Wholesale Trade
Transportation
Heavy Machinery
Aviation
Marine
Office Equipment
Relevant Teams
Legal
Procurement
Finance
Operations
Risk Management
Compliance
Asset Management
Property Management
Sales
Commercial
Business Development
Facilities Management
Relevant Roles
Legal Counsel
Procurement Manager
Asset Manager
Operations Director
Chief Financial Officer
Risk Manager
Compliance Officer
Property Manager
Fleet Manager
Facilities Manager
Contract Administrator
Business Development Manager
Sales Director
Commercial Manager
General Manager
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