The Vendor Buy Back Agreement is a specialized commercial contract used when a vendor sells goods with a commitment to repurchase them under specific conditions. This document type is particularly relevant in India where such arrangements are common in industrial equipment, technology hardware, and other capital-intensive sectors. The agreement serves multiple purposes: it provides the purchaser with assurance of future value recovery, helps vendors maintain control over their product lifecycle, and can be used as a marketing tool to encourage initial sales. The document must comply with Indian contract law, including the Indian Contract Act, 1872, and the Sale of Goods Act, 1930, while also addressing GST implications and stamp duty requirements. It typically includes detailed specifications of the goods, condition requirements for buy-back, pricing mechanisms, and procedural requirements for both the initial sale and subsequent buy-back transaction.
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1. Parties: Identifies and provides full details of the vendor and purchaser, including their registered addresses and company registration numbers
2. Background: Sets out the context of the agreement, including the vendor's business, the goods being sold, and the intention to include buy-back provisions
3. Definitions: Defines key terms used throughout the agreement, including 'Goods', 'Buy-Back Period', 'Buy-Back Price', and 'Condition Requirements'
4. Sale of Goods: Details the initial sale transaction, including delivery terms, price, and payment mechanisms
5. Buy-Back Terms: Specifies the conditions under which the vendor will buy back the goods, including timing and price calculation
6. Condition Requirements: Outlines the required condition of goods for buy-back acceptance
7. Payment Terms: Details payment mechanisms for both initial sale and buy-back transactions
8. Title and Risk: Specifies when title and risk pass between parties in both initial sale and buy-back
9. Warranties and Representations: Sets out warranties regarding the goods' condition, ownership, and compliance with specifications
10. Term and Termination: Specifies the agreement duration and circumstances for early termination
11. Governing Law and Jurisdiction: Specifies that Indian law governs and establishes jurisdiction for disputes
1. International Shipping Terms: Required when goods are shipped internationally, incorporating Incoterms and customs requirements
2. Storage Requirements: Needed when specific storage conditions must be maintained to ensure buy-back eligibility
3. Insurance: Required when specific insurance arrangements are needed during the period before buy-back
4. Third Party Rights: Needed when third parties might have rights or obligations related to the goods
5. Force Majeure: Optional clause to address circumstances preventing performance of obligations
6. Confidentiality: Required when sensitive commercial information is shared between parties
7. Assignment Rights: Needed when either party may need to assign their rights under the agreement
1. Schedule 1 - Goods Specification: Detailed technical specifications and descriptions of the goods subject to buy-back
2. Schedule 2 - Pricing Mechanism: Detailed formula or method for calculating the buy-back price, including any depreciation factors
3. Schedule 3 - Condition Assessment Criteria: Specific criteria and checklist for assessing goods' condition at buy-back
4. Schedule 4 - Delivery and Collection Procedures: Detailed procedures for delivery of goods in initial sale and collection during buy-back
5. Schedule 5 - Quality Standards: Required quality standards and testing procedures for buy-back acceptance
6. Appendix A - Documentation Requirements: List of required documentation for both initial sale and buy-back transactions
7. Appendix B - Contact Details: Key contact persons and their details for both parties
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