The Basic Buy Sell Agreement serves as a fundamental commercial contract template designed for use in the Indian market. This document is particularly suited for straightforward commercial transactions where one party (the seller) agrees to transfer ownership of specific goods or assets to another party (the buyer) for an agreed consideration. It finds application across various sectors and can be used for both one-time and recurring transactions. The agreement incorporates essential elements required under Indian contract law, including the Indian Contract Act 1872 and Sale of Goods Act 1930, while remaining adaptable to different commercial contexts. It's designed to provide adequate legal protection while maintaining simplicity and ease of use, making it suitable for both small and medium-sized transactions where a more complex sale agreement might be unnecessary.

1. Parties: Identifies and provides full details of the seller and buyer, including legal names, addresses, and registration details if companies

2. Background: Brief context about the transaction and the parties' intention to enter into a buy-sell arrangement

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Subject Matter of Sale: Detailed description of the goods/items being sold, including quantity and specifications

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

6. Delivery: Details of delivery terms, timeline, location, and responsibility for transportation

7. Title and Risk: Specifies when ownership transfers and who bears risk during different stages of the transaction

8. Representations and Warranties: Standard warranties about ownership, quality, and condition of goods from seller, and buyer's acknowledgments

9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated

10. Governing Law and Jurisdiction: Specifies that Indian law governs and establishes jurisdiction for dispute resolution

11. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement provisions