The Outright Purchase Agreement is a fundamental commercial document used in the United Arab Emirates for transactions involving the complete transfer of ownership of goods or assets. This document is essential when parties wish to execute a straightforward purchase transaction where full payment is made and complete ownership is transferred, as opposed to lease arrangements or conditional sales. It is particularly relevant in the UAE's dynamic business environment, where clear documentation of ownership transfer is crucial for regulatory compliance and dispute prevention. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 18 of 1993 (Commercial Transactions Law), including specific provisions for VAT compliance introduced in 2018. The document is suitable for both domestic and international transactions where UAE law governs, and can be used for various types of assets from equipment to commercial goods.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and brief description of the purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Sale and Purchase: Core provision detailing the sale transaction and purchase price
5. Payment Terms: Details of payment method, timing, and any conditions
6. Delivery and Transfer of Title: Specifics about delivery of goods and when title passes to the buyer
7. Seller's Representations and Warranties: Warranties about ownership, condition, and quality of goods
8. Buyer's Representations and Warranties: Confirmations regarding authority and capacity to enter into agreement
9. Inspection and Acceptance: Process for inspecting goods and accepting or rejecting delivery
10. Risk and Insurance: Transfer of risk and insurance requirements during transit
11. Taxes and Costs: Allocation of VAT, duties, and other transaction costs
12. Governing Law and Jurisdiction: Specification of UAE law and jurisdiction
13. Notices: Process for formal communications between parties
14. Execution: Signature blocks and execution formalities
1. Intellectual Property Rights: Required when the purchased goods involve IP rights or licenses
2. Compliance with Laws: Detailed compliance obligations when dealing with regulated goods
3. Confidentiality: Required when transaction involves sensitive commercial information
4. Force Majeure: Optional protection against unforeseen events affecting performance
5. Assignment and Subcontracting: Include when transfer rights need to be restricted
6. Export/Import Controls: Required for international transactions or controlled goods
7. Installation and Training: Include when goods require installation or user training
8. Maintenance and Support: Include for technical equipment requiring ongoing support
1. Schedule 1 - Description of Goods: Detailed specifications of goods being purchased
2. Schedule 2 - Price and Payment Schedule: Breakdown of purchase price and payment milestones
3. Schedule 3 - Delivery Schedule: Detailed delivery timeline and locations
4. Schedule 4 - Warranty Terms: Detailed warranty terms and conditions
5. Schedule 5 - Technical Specifications: Technical details and requirements for the goods
6. Appendix A - Required Certifications: Copies of required certificates and permits
7. Appendix B - Form of Acceptance Certificate: Template for formal acceptance of goods
8. Appendix C - Insurance Requirements: Detailed insurance specifications and requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Industrial Equipment
Consumer Goods
Automotive
Electronics
Construction
Healthcare
Energy
Telecommunications
Real Estate
Maritime
Aviation
Relevant Teams
Legal
Procurement
Finance
Commercial
Operations
Supply Chain
Compliance
Risk Management
Sales
Business Development
Relevant Roles
Procurement Manager
Commercial Director
Legal Counsel
Contract Manager
Supply Chain Manager
Chief Financial Officer
Operations Director
Sales Manager
Compliance Officer
Risk Manager
Business Development Manager
General Manager
Finance Director
Purchase Officer
Legal Director
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