Buy And Sell Contract for United Arab Emirates

Buy And Sell Contract Template for United Arab Emirates

A Buy and Sell Contract under UAE law is a legally binding agreement that facilitates the transfer of ownership of goods or property from a seller to a buyer for an agreed consideration. This document is structured in accordance with the UAE Civil Code (Federal Law No. 5 of 1985) and Commercial Transactions Law (Federal Law No. 18 of 1993), incorporating essential elements such as offer and acceptance, consideration, and the intention to create legal relations. It includes detailed provisions for payment terms, delivery conditions, warranties, and dispute resolution mechanisms, while ensuring compliance with UAE's legal framework and, where applicable, Sharia principles.

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What is a Buy And Sell Contract?

The Buy and Sell Contract is a fundamental commercial document used in the United Arab Emirates to formalize transactions involving the transfer of goods or property between parties. This document is essential for businesses and individuals engaging in sale transactions within the UAE jurisdiction, providing a legally compliant framework under UAE Civil Code and Commercial Transactions Law. The contract typically includes comprehensive details about the parties, subject matter of sale, pricing, payment terms, delivery conditions, warranties, and dispute resolution mechanisms. It can be customized for various transaction types, from simple retail sales to complex commercial deals, while maintaining compliance with UAE legal requirements and, where applicable, Sharia principles. The document serves as crucial evidence of the transaction terms and helps prevent future disputes by clearly defining the rights and obligations of all parties involved.

What sections should be included in a Buy And Sell Contract?

1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and registration numbers if applicable

2. Background: Context of the transaction and brief description of the parties' intention to enter into the sale agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the goods or property being sold, including specifications, quantity, and condition

5. Purchase Price: The agreed price, payment terms, method of payment, and payment schedule if applicable

6. Delivery Terms: Specifications for delivery including timing, location, and responsibility for transportation

7. Title and Risk: When and how title passes to the buyer, and allocation of risk during transit

8. Warranties and Representations: Seller's warranties regarding the goods/property and both parties' general representations

9. Inspection and Acceptance: Buyer's rights to inspect goods and procedure for acceptance or rejection

10. Default and Remedies: Consequences of breach and available remedies for both parties

11. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution

12. Notices: How formal communications between parties should be made and delivered

13. Entire Agreement: Confirmation that the contract represents the complete agreement between parties

What sections are optional to include in a Buy And Sell Contract?

1. VAT and Taxation: Include when the transaction is subject to VAT or other tax implications

2. Insurance: Include when specific insurance requirements are needed during transit or for the goods

3. Export/Import Requirements: Include for international sales requiring customs clearance or special permits

4. Intellectual Property: Include when the sale involves products with trademark or patent implications

5. Confidentiality: Include when sensitive information will be exchanged during the transaction

6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

7. Assignment: Include when transfer of rights needs to be restricted or permitted

8. Installment Payments: Include when payment is to be made in multiple installments

9. Return Policy: Include for retail sales or when specific return conditions apply

What schedules should be included in a Buy And Sell Contract?

1. Schedule 1 - Product Specifications: Detailed technical specifications, drawings, or descriptions of the goods

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and due dates if applicable

3. Schedule 3 - Delivery Schedule: Detailed timeline for delivery if multiple shipments are involved

4. Schedule 4 - Warranty Terms: Detailed warranty conditions and procedures

5. Appendix A - Required Documents: List of documents required for the transaction (e.g., quality certificates, origin certificates)

6. Appendix B - Inspection Procedures: Detailed procedures for product inspection and acceptance testing

7. Appendix C - Compliance Certificates: Copies of relevant compliance certificates or permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Genie AI

Document Type

Sales Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Retail

Manufacturing

Real Estate

Automotive

Electronics

Construction

Consumer Goods

Industrial Equipment

Agricultural Products

Technology

Fashion and Apparel

Food and Beverage

Healthcare Equipment

Machinery and Tools

Raw Materials

Relevant Teams

Legal

Procurement

Sales

Commercial

Finance

Operations

Compliance

Risk Management

Supply Chain

Business Development

Administration

Relevant Roles

Procurement Manager

Sales Manager

Contract Administrator

Legal Counsel

Commercial Director

Business Development Manager

Supply Chain Manager

Operations Manager

Finance Manager

Compliance Officer

Risk Manager

General Manager

CEO

Managing Director

Purchasing Officer

Sales Representative

Legal Administrator

Contract Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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