The Private Sales Agreement is a fundamental legal document used in the Philippines to formalize sales transactions between private parties. This document is essential when conducting sales of goods, assets, or property in a private capacity, whether between individuals or businesses. It should be used whenever there is a need to document the terms and conditions of a private sale, ensuring clear understanding and legal protection for all parties involved. The agreement incorporates key requirements under Philippine law, including provisions from the Civil Code of the Philippines, consumer protection laws, and relevant commercial regulations. It is particularly important for high-value transactions or when there are specific terms and conditions that need to be clearly documented. The document helps prevent future disputes by clearly outlining the rights and obligations of each party, payment terms, delivery arrangements, and warranty provisions.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and tax identification numbers
2. Background: Contextual information explaining the purpose of the sale and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement to ensure clarity and prevent misinterpretation
4. Subject Matter of Sale: Detailed description of the item(s) being sold, including specific characteristics, quantity, and condition
5. Purchase Price: States the agreed purchase price, currency, and any applicable taxes or adjustments
6. Payment Terms: Specifies the method, timing, and conditions of payment, including any installment arrangements
7. Delivery and Transfer of Ownership: Details the delivery arrangements and when ownership transfers from seller to buyer
8. Representations and Warranties: Statements of fact and guarantees made by both parties, particularly regarding the condition and ownership of the item(s)
9. Risk and Insurance: Specifies when risk transfers and any insurance requirements during transit or storage
10. Termination: Conditions under which either party may terminate the agreement and the consequences of termination
11. Governing Law: Confirms that Philippine law governs the agreement and specifies jurisdiction for disputes
12. Execution: Signature blocks and execution requirements compliant with Philippine law
1. Intellectual Property Rights: Required when the sale involves items with associated intellectual property rights
2. Confidentiality: Needed when sensitive information will be exchanged during the transaction
3. Due Diligence: Important for high-value items requiring verification of condition or ownership
4. Financing Conditions: Required when payment involves external financing or specific funding conditions
5. Installation and Training: Necessary when the sold item requires installation or user training
6. Return Policy: Optional section detailing conditions under which items can be returned
7. Maintenance and Support: Required when ongoing maintenance or support is part of the sale
8. Force Majeure: Optional protection against unforeseen circumstances preventing performance
1. Schedule A - Item Specification: Detailed technical specifications or descriptions of the items being sold
2. Schedule B - Payment Schedule: Breakdown of payment terms if involving multiple payments or installments
3. Schedule C - Delivery Schedule: Detailed delivery timeline and logistics information
4. Schedule D - Warranty Terms: Specific warranty terms and conditions if applicable
5. Schedule E - Condition Report: Detailed report on the condition of used or pre-owned items
6. Appendix 1 - Required Documents: List of documents required for the transfer of ownership
7. Appendix 2 - Compliance Certificates: Copies of relevant compliance or safety certificates
Relevant legal definitions
Agreement
Assets
Business Day
Closing
Closing Date
Completion
Confidential Information
Consideration
Delivery Date
Deposit
Effective Date
Encumbrance
Force Majeure Event
Goods
Intellectual Property Rights
Liability
Party/Parties
Payment Terms
PHP
Purchase Price
Purchaser
Sale Property
Seller
Specifications
Tax
Term
Territory
Title Documents
Transaction
Transfer Date
Warranties
Working Hours
Assets
Business Day
Closing
Closing Date
Completion
Confidential Information
Consideration
Delivery Date
Deposit
Effective Date
Encumbrance
Force Majeure Event
Goods
Intellectual Property Rights
Liability
Party/Parties
Payment Terms
PHP
Purchase Price
Purchaser
Sale Property
Seller
Specifications
Tax
Term
Territory
Title Documents
Transaction
Transfer Date
Warranties
Working Hours
Clauses
Interpretation
Sale and Purchase
Purchase Price
Payment Terms
Delivery
Title and Risk
Representations and Warranties
Condition of Goods
Transfer of Ownership
Inspection Rights
Insurance
Confidentiality
Intellectual Property
Taxation
Force Majeure
Default
Termination
Indemnification
Assignment
Notices
Entire Agreement
Amendment
Severability
Waiver
Governing Law
Dispute Resolution
Further Assurance
Costs and Expenses
Counterparts
Authority
Sale and Purchase
Purchase Price
Payment Terms
Delivery
Title and Risk
Representations and Warranties
Condition of Goods
Transfer of Ownership
Inspection Rights
Insurance
Confidentiality
Intellectual Property
Taxation
Force Majeure
Default
Termination
Indemnification
Assignment
Notices
Entire Agreement
Amendment
Severability
Waiver
Governing Law
Dispute Resolution
Further Assurance
Costs and Expenses
Counterparts
Authority
Relevant Industries
Retail
Real Estate
Automotive
Consumer Goods
Manufacturing
Technology
Agriculture
Small Business
E-commerce
Industrial Equipment
Arts and Collectibles
Construction
Relevant Teams
Legal
Sales
Procurement
Compliance
Operations
Commercial
Risk Management
Business Development
Finance
Administrative
Relevant Roles
Legal Counsel
Sales Manager
Business Owner
Procurement Manager
Contract Administrator
Compliance Officer
Business Development Manager
Operations Manager
Property Manager
Asset Manager
Commercial Director
Risk Manager
General Manager
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