PURCHASE AGREEMENT
This PURCHASE AGREEMENT (the "Agreement") is made and entered into on
_______________ (the "Effective Date") by and between Sourced International LLC,
located at 2999 Douglas Blvd Suite 180 Roseville, Ca 95661 (the "Buyer") and
______________________ (the "Buyer"). The Buyer and the Seller may be referred to
individually as the "Party", or collectively, the "Parties".
RECITALS
WHEREAS, the Seller desires to sell certain property to Buyer in an "as is" condition; and
WHEREAS, the Buyer desires to purchase certain property from Seller in an "as is"
condition.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
TERMS
1. PROPERTY
The Seller agrees to sell, convey, assign, and transfer to the Buyer, and the Buyer agrees to
purchase from the Seller, the following property (the "Property"):
The sale, conveyance, assignment, and transfer of said Property shall become effective as
of the Effective Date of this Agreement.
2. "AS IS" CONDITION
The Seller agrees to sell, convey, assign, and transfer to the Buyer, on an "AS-IS" basis,
and makes no warranties, either expressed or implied, unless otherwise stated herein, and
the Buyer agrees to purchase from the Seller, on an "AS-IS" basis the Property described
herein. The sale, conveyance, assignment, and transfer of said Property shall become
effective as of the date set forth above, and the Seller shall deliver said Property to the
Buyer in "AS-IS" condition.
3. PURCHASE PRICE
The Buyer shall purchase the Property from the Seller for the total sum
of_________________.
45% deposit is due at the start of production or 100% is due if the product or items is ready
to be shipped. 55% balance will be due before manufacture/factory will load items onto the
vessel/ship.
4. PRODUCT DESCRIPTION
The agreed product that will be imported by the Seller and sold to the Buyer is described as
follows; –
5. PRODUCT QUANTITY
Parties agree and the Seller guarantees that the quality of the product herein is that of a high
standard and in line with the set out laws and done with the standard professionalism.
6. SHIPPING TYPE
The Buyer herein acknowledges that the products bought shall be shipped vis; –
Check box: [ ]Sea or [ ]Air
7. LIMITATION OF DAMAGES
IN NO EVENT SHALL EITHER PARTY BE LIABLE HEREUNDER TO THE OTHER
PARTY FOR ANY PUNITIVE, RELIANCE, INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST REVENUE, LOST PROFITS, OR
LOST SAVINGS) HOWEVER CAUSED AND UNDER ANY THEORY, EVEN IF IT HAS
NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.
8. REFUND TERMS
Parties agree to the following refund terms and conditions; –
9. WARRANTY TERMS
10. FORCE MAJEURE
Neither Party shall be in default nor liable to the other for any failure to perform directly
caused by events beyond that Party’s reasonable control, such as acts of nature, labor
strikes, war, insurrections, riots, acts of governments, embargoes and unusually severe
weather, provided the affected Party notifies the other party within ten (10) days of the
occurrence. Such an event is an excusable delay. THE PARTY AFFECTED BY AN
EXCUSABLE DELAY SHALL TAKE ALL REASONABLE STEPS TO PERFORM DESPITE
THE DELAY.
11. AMENDMENTS
This Agreement may only be changed or supplemented by a written amendment, signed
by authorized representatives of each Party and executed with the same degree of
formality as this Agreement.
12. ASSIGNMENT
Neither Party may assign its rights or delegate its obligations under this Agreement without
the prior written approval of the other Party. Any attempted assignment or delegation
without such an approval shall be deemed null and void.
13. TERMINATION.
Parties agree that this agreement can be terminated if buyer does not pay the deposit of
45% within 10 days of signing and if the remaining balance of 55% is not paid with 14 days
after manufacturing is completed.
14. GOVERNING LAW
To the extent not preempted by federal law, the provisions of this Agreement shall be
construed and enforced in accordance with the laws of the State of California,
notwithstanding any choice-of-law or conflicts-of-law principles to the contrary.
The Parties agree that any legal action relating to this Agreement shall be commenced and
maintained exclusively before any appropriate state court of record in the State of California.
15. DISPUTE RESOLUTION
In the event of a dispute between the parties arising from the terms, obligations or
performance under this agreement, the same shall be referred to mediation in accordance
with the laws of the state of California.
16. SEVERABILITY
In case any one or more of the provisions contained in this Agreement shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid or illegal or unenforceable provision had never been
contained herein. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the court or other tribunal making such determination is authorized
and instructed to modify this Agreement so as to effect the original intent of the parties as
closely as possible so that the transaction contemplated herein is consummated as
originally contemplated to the fullest extent possible.
17. EFFECT OF TITLE AND HEADINGS
The title of the Agreement and the headings of its Sections are included for convenience
only and shall not affect the meaning of the Agreement or the Section.
18. WAIVER
Failure of either Party to insist upon strict compliance with any term herein or failure by
either Party to act in the event of a breach or default shall not be construed as a consent
to or waiver of that breach or default or of any subsequent breach or default of the same
or any other term contained herein.
19. ENTIRE AGREEMENT
This Agreement is the complete statement of the Parties’ agreement and supersedes all
previous and contemporaneous written and oral communication about its subject.
20. COUNTERPARTS
This Agreement may be executed in one or more counterparts, each of which will be
deemed an original but all of which together will constitute one and the same document.
21. AUTHORITY
The Parties represent that they have full capacity and authority to grant all rights and
assume all obligations they have granted and assumed under this Agreement.
22. ATTORNEYS FEES
If any legal proceeding is brought for the enforcement of this Agreement, or because of an
alleged breach, default or misrepresentation in connection with any provision of this
Agreement or other dispute concerning this Agreement, the successful or prevailing party
shall be entitled to recover reasonable attorney’s fees incurred in connection with such
legal proceeding. The term "prevailing party" shall mean the Party that is entitled to
recover its costs in the proceeding under applicable law, or the party designated as such
by the court.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date
first written above.
Name:
________________________________
Authorized Seller’s Signature:
___________
Date:
_________________________________
Name:
________________________________
Buyer’s Signature:
_____________________
Date:
_________________________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )