The As Is Where Is Sale Agreement is utilized when parties wish to conduct a sale with minimal warranties or representations from the seller. Under English and Welsh law, this document is particularly important in commercial transactions where the buyer is expected to rely on their own due diligence rather than seller assurances. The agreement typically includes detailed provisions about the asset's current state, inspection rights, and explicit exclusions of warranties. It's commonly used in distressed sales, asset disposals, or situations where the seller cannot or will not provide warranties about the asset's condition.
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1. Parties: Identification and details of seller and buyer
2. Background: Context of the sale and brief description of the asset(s)
3. Definitions: Key terms used throughout the agreement
4. Asset Description: Detailed description of what is being sold 'as is where is'
5. Price and Payment Terms: Purchase price and payment mechanisms
6. As Is Where Is Provisions: Express provisions excluding warranties and conditions
7. Delivery/Collection: Terms for transfer of possession
8. Risk and Title: Transfer of risk and ownership provisions
1. Inspection Rights: Provisions outlining buyer's right to inspect assets before purchase - recommended for complex or high-value assets
2. Insurance: Insurance requirements during transfer period - recommended for high-value items or extended transfer periods
3. Environmental Provisions: Environmental liabilities and obligations - recommended for sale of industrial equipment or property
4. Regulatory Compliance: Specific regulatory requirements - recommended for regulated assets or industries
1. Asset Schedule: Detailed list and description of assets being sold
2. Condition Report: Current condition of assets (if available)
3. Location Details: Specific location and access information
4. Transfer Documentation: Forms and documents required for transfer of title
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