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1. Parties: Identifies and provides full details of the seller and buyer
2. Background: Sets out the context of the sale and confirms the seller's ownership of the property
3. Definitions: Defines key terms used throughout the agreement
4. Description of Property: Detailed description of the personal property being sold, including any identifying features or serial numbers
5. Purchase Price: States the agreed purchase price and any applicable taxes
6. Payment Terms: Specifies how and when payment will be made
7. Transfer of Title: Establishes when and how ownership will transfer from seller to buyer
8. Delivery: Details of when, where, and how the property will be delivered
9. Representations and Warranties: Basic warranties about ownership, authority to sell, and condition of property
10. Risk and Insurance: Specifies when risk transfers to the buyer and insurance requirements
11. Default and Remedies: Outlines what constitutes default and available remedies
12. General Terms: Standard contract provisions including governing law, notices, and amendment procedures
1. Inspection Rights: Used when buyer wishes to inspect property before finalizing purchase
2. Financing Conditions: Include when purchase is subject to buyer obtaining financing
3. Security Interest: Required if seller retains security interest until full payment
4. Extended Warranties: Used when additional warranties beyond basic ones are provided
5. Trade-in Terms: Include when transaction involves trade-in of other property
6. Maintenance and Support: Relevant for technical equipment or machinery sales
7. Training: Include when seller agrees to provide training on use of property
8. Intellectual Property Rights: Needed when property includes software or other IP components
1. Schedule A - Property Description: Detailed technical specifications, photographs, or documentation of the property
2. Schedule B - Payment Schedule: If payment is in installments, details the payment dates and amounts
3. Schedule C - Delivery Schedule: For multiple items or complex delivery arrangements
4. Schedule D - Warranty Terms: Detailed warranty terms and conditions
5. Schedule E - Condition Report: Documents the condition of used property at time of sale
6. Appendix 1 - Required Documentation: Copies of registration, maintenance records, or other relevant documents
7. Appendix 2 - Operating Instructions: If applicable, instructions for use or maintenance of the property
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Art and Collectibles
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Procurement Manager
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