Conditional sales agreement is a document signed between a buyer and a seller where the buyer takes possession of the goods as described in the agreement only on the performance of a condition. Create your own legally binding document with this conditional sale agreement template and send it off for final signatures in no time.
This Conditional Sale Agreement (hereinafter the “Agreement”) made and entered into this [Document.CreatedDate] , by and between:
Name: [Buyer.FirstName] [Buyer.LastName] , [Buyer.Company] ("Buyer") and
Name: [Seller.FirstName] [Seller.LastName] , [Seller.Company] ("Seller");
Hereinafter, the Buyer and the Seller are collectively referred to as "Parties."
WHEREAS, the Seller is in the business of selling various goods and items (hereinafter “Goods”) to the Buyer; and WHEREAS, the Buyer desires to purchase the Goods from the Seller.
The Seller agrees to sell, and the Buyer agrees to buy, the following Goods from the Seller:
(insert the description of the goods, including information like model, make, quantity, color, condition, etc.)
The agreed purchase price for the Goods is (insert the total price of the goods) payable in (insert terms of payment, e.g., cash, bank transfer, check, credit card, etc.). The Buyer will pay the Seller in installments of (insert the amount to be paid per installment), due on or before the (insert due date for each month, e.g., before the 7th of each month) each month.
The title or the ownership of the Goods shall be automatically transferred to the Buyer upon the full payment of the purchase price.
The Seller shall deliver the Goods to the Buyer at the agreed time and place. If the Seller fails to deliver the Goods at the agreed time and place, the Buyer shall have the right to terminate this Agreement without any liability.
Date:(month, day, year)
Place:(Place.StreetAddress)
Feel free to add more terms and conditions depending on the goods delivered. Other conditions include a down payment, meeting credit requirements, financing from a specific lender, completion of repairs, proof of insurance, and more.
Buyer shall make payment for the Goods as per the terms outlined in this Agreement.Rights of ownership and repossession of the goods shall remain with the Seller until the Buyer has made the payment in full.
Seller is not responsible or liable if any damage is incurred to the Goods while in the Buyer’s possession.
Buyer must provide proof of identity and address in order to complete the purchaseEither Party can terminate this Agreement if any one Party fails to fulfill the terms laid out in this Agreement.
The non-breaching party shall notify the other party in writing of the breach and request that the breaching party remedy the breach within a reasonable time, not exceeding (insert the number, e.g., fifteen) days.
If the breaching party fails to remedy the breach within the given time, the non-breaching party may terminate this Agreement.
This Agreement shall be governed by and construed under the laws of the State of [Seller.State] .
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.
MM / DD / YYYY MM / DD / YYYYUsed 4,940 times
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To write a conditional sale agreement, gather information about the parties involved, such as names, addresses, and contact information. Describe the goods or the services, payment, delivery, and warranty terms. State limitations on liability and terms of termination and have it signed by both parties. Save time by using PandaDoc’s professionally created conditional sale agreement template.
A conditional sale agreement is a document signed between a buyer and a seller in which the sale of goods is contingent on fulfilling a specific condition. It is similar to a purchase agreement but is used when the buyer does not have the money upfront to purchase the goods or services. The terms of the agreement spell out the description of the goods, payment terms, delivery terms, warranties and other information as necessary.
Conditional sales agreements are best suited for businesses that:
Yes, it is possible to cancel a conditional sale agreement, but only under certain conditions, for example, if the agreement explicitly mentions that it can be terminated in writing. It is crucial to understand the agreed-upon conditions for cancellation and negotiate them in advance. Premature cancellation can lead to penalties or other liabilities by the other party.
A conditional sale agreement is important to have in place so that both buyer and seller are aware of their contractual obligations, potential liabilities, and payment terms. It protects both parties in the event of a dispute, as it clearly states their expectations and rights under the law.
With hire purchase agreements, the buyer typically makes regular payments to hire the goods and has the option to ultimately own them . Whereas with conditional sale agreements, the buyer makes regular payments for the goods and automatically gets ownership of the goods upon full payment .
Conditional sale agreements may also provide the buyer with certain obligations — such as making timely payments or returning the goods if certain conditions aren’t met.
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