CONTRACT OF SALE
THIS CONTRACT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………
BETWEEN
- AV SURPLUS a limited liability company of {address} ………….…… which is in the business of selling and buying all kinds of professional audiovisual gear, renting out the said professional audiovisual gear as well as supplying spare parts for the same. The Company shall hereinafter be referred to as “AV SURPLUS”.
AND
- ……………….. of ………………….(Address) ,who seeks to purchase ………which is a high value equipment with the intention of paying the same in installments. This party shall hereinafter be referred to as “THE CLIENT”.
In the course of this contract, both parties to the contract mentioned above have been individually referred to as “Party” and jointly as “Parties”.
NOW THESE TERMS ARE AGREED UPON BY THE PARTIES:
- AV Surplus hereby enters into a contract with the Client herein for the purpose of purchasing XXX a high value equipment in which the Client seeks to pay for in installments.
TERM OF THE CONTRACT
- This contract shall run for a period of …………(days/weeks etc) from the date of the execution of this contract until the Client herein fully pays for XXX or until termination of the contract by either party; whichever shall come first.
TERMS AND CONDITIONS
- AV Surplus shall hand over the possession of XXX to the Client upon payment of the requisite initial agreed amount in the sum of USD ………….. where after the outstanding amount shall be paid in …………….. installments of USD ………………each, which shall be payable on …..(every first/last day of the month etc)
- If the Client fails to pay the outstanding amount or pays an insufficient amount on the agreed date, AV Surplus shall be at liberty to collect their high value equipment and the amounts paid by the Client shall be forfeited.
- Notwithstanding the above paragraph, if it is in the best interest of AV Surplus to file a lawsuit in a bid to recover the amount and/or equipment due to its uniqueness or for any other reason, AV Surplus shall have liberty to sue for damages and/or institute criminal proceedings against the Client for obtaining the equipment under false pretenses.
- In the event that the Client is willing to fully pay for the XXX in good faith but is unable to do so due to circumstances reasonably beyond them, they shall effectively communicate to AV Surplus in a bid to work out another date in which AV Surplus reserves the right to accept or reject.
- The Client shall not at any time lay claim to the money already paid to AV Surplus and in the event such Client chooses to return XXX to AV Surplus, they may do so without expecting a refund of the money already paid.
- If the Client chooses to terminate the contract by ceasing on paying the instalments, they may return XXX in its original condition failure to which AV Surplus shall be at liberty to institute legal proceedings against the said Client. For avoidance of doubt, no amount shall be refunded to the Client upon return.
LIMITATION OF LAIBILITY
- AV Surplus shall only sell the high value item aforementioned but shall not be responsible for what the Client does with the item. As such, the Client herein shall bear full responsibility for their actions.
- If any action is brought against AV Surplus due to the Client’s actions resultant from their use of the item, the Client shall defend, indemnify and hold AV Surplus risk free.
PAYMENT
- The Client shall pay AV Surplus a sum of $……….which shall be the initial installment. Thereafter, the Client shall pay the rest of the amount in …….installments of $……….. which shall be paid by way of (Cheque, bank transfer …etc).
- As aforementioned, this Contract shall commence upon the date of full execution by all parties and expire when the terms of this contract have lapsed or when the parties shall agree.
BINDING TERMS
- The terms and conditions of this contract shall be binding upon the parties herein and any dispute arising shall solved by ……………………
TERMINATION OF CONTRACT
- Any party shall be at liberty to terminate this contract subject to giving sufficient notice of ……… (days/weeks/months), making all payments on outstanding arrears and making all logical arrangements that are required in the nature of the business the parties herein are engaged in.
ENTIRE AGREEMENT
- This Contract contains the whole agreement and understanding between the parties herein and supersedes all previous contracts (if any) whether written or oral between the parties in respect of such matters.
ADDITIONAL PROVISIONS
- Captions: The titles and headings of the articles, sections and paragraphs of this Contract have been included only for convenience and reference and will not be construed to extend, limit, describe or define the substance of any article, section or paragraph contained herein.
- No Promise or Representation: The parties warrant and represent and do hereby state and represent that they have made no promise or agreement to the other (Not expressed specifically within the Contract) in executing this Contract. The Parties each separately and expressly warrant that they are not relying upon any statement or representation of any agent of the parties being released hereby. No party has relied upon any agreement or representation not set forth or referenced herein whether the same may be oral or written.
- Applicable Law and Venue: The Parties expressly agree that this Contract is executed and delivered and is intended to be performed in ………………..state the law of the State of ………will govern the validity, construction, enforcement and interpretation of any dispute or actions relating to or arising from this agreement without regard to choice or conflict of law principles.
- Authority: Each party herein warrants and represents that it has full power and authority to enter into this Contract to bind the Parties, that all necessary consents and approvals have been obtained and that no other consent, approval or action is required.
- Counterparts: This Contract may be executed in several counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument representing the Contract.
- Informed Parties: Each of the parties to this Contract separately represents and warrants that before signing this Contract, it has fully informed itself of the terms, contents, conditions and effects of the Contract and in making this Contract, it has had the opportunity to consult with legal counsel of its own choosing. Each Party further warrants that the Contract was executed by it voluntarily and that all statements, representations and agreements contained in the Contract are contractual in nature and not mere recitations of facts.
THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY
IN WITNESS whereof the parties hereto have executed this Contract the day and year hereinabove written.
SIGNED by the parties: )
…………….. ………………. ) _________________ FOR: AV SURPLUS )
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AND )
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(CLIENT’S NAME AND ADDRESS) ) _________________
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WITNESSED BY: – ) ___________________
NAME: )
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ADDRESS:
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