Posted in Marketing and Strategy Terms, Total Reads: 344
Definition: Sales Agreement
It is a contract or agreement under which the ownership of the product or entitlement of the service is transferred from one party that is the seller to the other party that is the buyer in exchange of an agreed upon sum.
It consists of the terms and the conditions of the sales that both parties has to follow e.g. agreed upon amount of sale, payment duration and periods etc.
It is an important document that is required in the sales transaction and enables the process to take place without any hurdles. Bothe the parties must understand the terms and conditions in the sales agreement properly before finalizing the transaction.
In case of any violation by either parties the affected party has the right to take legal actions against that party or to terminate any future business proceedings with that party.
You just bought a flat and has taken it on loan. In the sales agreement it is written that you will be paying periodic payments and 20 lakhs has to be paid within 6 months of buying that flat. If you are unable to do so then you will be violating the sales agreement and the company might take your apartment back from you.