Purchase Contract Agreement
I. Introduction
This Purchase Contract Agreement (“Agreement”) is entered into on this 5th day of March, 2050, by and between:
[Your Company Name], a corporation registered under the laws of the State of Oregon, with its principal office located at [Your Company Address], represented by [Your Name], Sales Manager ("Seller").
Duofort, a corporation registered under the laws of the State of Oregon, with its principal office located at Portland, OR 97201, represented by Floyd Cremin, Chief Procurement Officer ("Buyer").
The parties hereby agree as follows:
II. Sale of Goods
1. Description of Goods
Seller agrees to sell, and Buyer agrees to purchase the following goods:
The total price for the goods is $1,250,000, excluding taxes, shipping, and handling.
III. Payment Terms
1. Payment Schedule
Buyer agrees to pay Seller in the following installments:
Initial Deposit: 20% of the total purchase price, amounting to $250,000, due immediately upon signing this Agreement.
Second Payment: 40% of the total purchase price, amounting to $500,000, due within 30 days from the date of delivery.
Final Payment: 40% of the total purchase price, amounting to $500,000, due within 60 days from the date of delivery.
All payments shall be made to Seller via wire transfer or other mutually agreed-upon method. Payment instructions will be provided separately.
2. Late Payments
In the event of late payment, a 5% late fee will be charged for each month the payment remains overdue. If payment is delayed for more than 90 days, Seller reserves the right to terminate this Agreement and seek damages.
IV. Delivery and Shipment
1. Delivery Terms
The delivery of the goods will take place at the following location:
Delivery Address: 101 Industrial Ave, Portland, OR 97201
Delivery Method: The goods will be shipped via freight forwarder, with the cost of shipping borne by the Buyer unless otherwise agreed.
The estimated delivery date is 60 days from the date the initial deposit is received. Seller will inform Buyer of any changes to the delivery schedule. Buyer will be responsible for all applicable duties, taxes, and shipping charges.
2. Risk of Loss
The risk of loss or damage to the goods passes to the Buyer upon delivery at the specified location.
V. Inspection and Acceptance of Goods
1. Inspection
Upon delivery, Buyer shall have a period of 10 business days to inspect the goods and notify Seller of any defects, damages, or discrepancies from the agreed-upon specifications. If no such notice is provided within this period, the goods shall be deemed accepted by the Buyer.
2. Acceptance
If Buyer does not reject the goods within the inspection period, the goods will be considered accepted, and payment obligations will be due as specified.
VI. Warranties and Representations
1. Warranty of Goods
Seller warrants that the goods are new, of good quality, and free from defects in materials and workmanship for a period of 12 months from the delivery date. If the goods are found to be defective during this warranty period, Seller will replace or repair the goods at no additional cost to the Buyer.
This warranty does not cover damage caused by misuse, improper handling, or modifications made by the Buyer.
2. Warranty of Title
Seller warrants that it has the legal right to sell the goods and that the goods are free from any liens, encumbrances, or claims by third parties.
VII. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon. Any disputes arising under or in connection with this Agreement shall be resolved in the courts located in Portland, Oregon.
VIII. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary or confidential information shared during the course of this Agreement. This obligation of confidentiality will remain in effect both during and after the term of this Agreement.
IX. Termination
1. Termination for Convenience
Either party may terminate this Agreement with 30 days’ written notice to the other party. In the event of termination, the Buyer shall pay for any goods delivered up to the termination date, and Seller shall refund any unearned deposits to the Buyer.
2. Termination for Breach
In the event of a material breach of the terms of this Agreement, the non-breaching party may terminate this Agreement with 15 days’ written notice to the breaching party, provided that the breach remains uncured during this period. In such a case, the breaching party shall be liable for any damages resulting from the breach.
X. Force Majeure
Neither party shall be held liable for failure or delay in performance due to events beyond their control, including but not limited to natural disasters, war, strikes, or government actions.
XI. Miscellaneous Provisions
1. Entire Agreement
This Agreement constitutes the entire understanding of the parties with respect to the sale of the goods and supersedes all prior discussions, agreements, or understandings, whether written or oral.
2. Amendments
Any amendments or modifications to this Agreement must be made in writing and signed by both parties.
XII. Signatures
IN WITNESS WHEREOF, the parties have executed this Agreement as of the 5th day of March, 2050.
[Your Company Name]
[Your Name], Sales Manager
Date: 5th March, 2050
Duofort
Floyd Cremin, Chief Procurement Officer
Date: 5th March, 2050
For any inquiries, please contact [Your Name] at [Your Email] or reach out to [Your Company Name] at [Your Company Email].
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