A generic sales contract is an agreement where a vendor agrees to sell his business to a vendee for a fixed price. This agreement is signed on the basis of certain terms and conditions abiding by which is mandatory.
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Sample Generic Sales Contract:
This agreement is made between the Mr. Mike tussle hereafter known as the VENDOR and Mr. John hash hereafter known as the VENDEE.
The agreement is made on
Date: 12’Th October, 2010
Location: 1-f, east highway colony, CA
Address: 12-east bridge town, CA
Address: 123-u, laps street, CA
Title: mike digital works
Payment mode: credit card
Total cost: $2000
The payment shall be done in two parts
First: cash down amount $500
Second: installments bearing interest rate 7% to be done every month
It is therefore agreed:
- The seller holds the ownership and title of the business until the full payment is deposited by the buyer.
- The vendee agrees to keep the business and its premises in good conditions and must thrive to maintain its reputation.
- The vendor has the right to inspect the business any time till he holds the ownership.
- The vendee acquires all the goods, tools and machinery along with the property of business.
- The vendee is responsible for any damage to the equipments or premises and must pay for its maintenance.
- The vendor must make necessary arrangements required to help the vendee for taking over.
The agreement is therefore accepted and signed:
Mike Tussle (vendor)
John Hash (vendee)