When entering into a business deal, it is essential to have a basic transaction agreement to ensure that both parties understand their obligations and responsibilities. A transaction agreement serves as a contract between two parties, outlining the terms of the deal, such as the products or services being exchanged, the payment schedule, and any other pertinent details.
Here is a sample of a basic transaction agreement that can be customized to fit the needs of your business.
Agreement Overview
This transaction agreement (the “Agreement”) is entered into on [Date] between [Seller’s Name], with a mailing address of [Seller’s Address] (the “Seller”), and [Buyer’s Name], with a mailing address of [Buyer’s Address] (the “Buyer”).
Products/Services
The Seller agrees to provide [Products/Services] to the Buyer on the following schedule:
[Insert schedule details and deadline]
Price and Payment
The Buyer agrees to pay the total amount of [Price] for the Products/Services provided by the Seller. Payment will be made according to the following schedule:
[Insert payment schedule details]
Delivery
The Seller agrees to deliver the Products/Services to the Buyer on the following date:
[Insert delivery date and details]
Cancellation and Refunds
If the Buyer cancels the order before the delivery date, the Seller agrees to refund % [Refund percentage] of the total amount paid. If the Buyer cancels the order after the delivery date, no refund will be provided.
Intellectual Property Rights
The Seller retains all intellectual property rights associated with the Products/Services provided. The Buyer agrees not to copy, modify, or use the Products/Services without the express written permission of the Seller.
Representations and Warranties
The Seller warrants that the Products/Services provided under this Agreement are free of defects and meet the specifications outlined in this Agreement.
Indemnification
The Buyer agrees to indemnify and hold harmless the Seller from any claims, damages, or liabilities arising from the Products/Services provided under this Agreement.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the [State/Province] without regard to its conflict of laws principles.
Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior understandings, agreements, or representations, whether written or oral.
Amendments
This Agreement may only be amended in writing and signed by both parties.
In conclusion, a basic transaction agreement serves as a vital tool to protect both parties in a business deal. It is essential to customize the agreement to fit the specific needs of your business. The sample agreement provided here can serve as a starting point for creating your own transaction agreement.