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Agreement Of Sale Contract for Philippines

Agreement Of Sale Contract Template for Philippines

An Agreement of Sale Contract under Philippine law is a legally binding document that formalizes the transfer of ownership of property or goods from a seller to a buyer for an agreed consideration. This document, governed by the Civil Code of the Philippines and related legislation, outlines the essential terms and conditions of the sale, including the description of the subject matter, purchase price, payment terms, delivery arrangements, and warranties. It incorporates specific requirements under Philippine law, such as notarization requirements for certain types of sales and compliance with local regulations regarding transfer of ownership.

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What is a Agreement Of Sale Contract?

The Agreement of Sale Contract is a fundamental legal document used in the Philippines to formalize sales transactions between parties. This document is essential when transferring ownership of various types of assets, from movable property to real estate, and can be used in both business-to-business and business-to-consumer contexts. It must comply with the Civil Code of the Philippines, particularly Articles 1458-1637 governing sales, as well as special laws depending on the subject matter of the sale. The agreement includes crucial elements such as party identification, property description, price, payment terms, and delivery arrangements. For certain types of sales (such as real estate), the document must be notarized to be enforceable. The Agreement of Sale Contract serves as definitive evidence of the transaction and protects both parties' interests by clearly stating their rights, obligations, and remedies under Philippine law.

What sections should be included in a Agreement Of Sale Contract?

1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and tax identification numbers

2. Background: Explains the context of the sale and the parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the property or goods being sold, including specifications, condition, and quantity

5. Purchase Price: States the agreed price and currency

6. Payment Terms: Specifies the method, timing, and conditions of payment

7. Delivery Terms: Details when, where, and how the goods/property will be delivered or transferred

8. Transfer of Ownership: Specifies when and how ownership transfers from seller to buyer

9. Representations and Warranties: Standard warranties about ownership, condition, and authority to sell

10. Rights and Obligations: Lists the specific rights and obligations of both parties

11. Default and Remedies: Describes what constitutes default and the available remedies

12. Governing Law: Specifies Philippine law as governing law and jurisdiction

13. Dispute Resolution: Outlines the process for resolving disputes

14. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

15. Execution: Signature blocks and execution requirements

What sections are optional to include in a Agreement Of Sale Contract?

1. Conditions Precedent: Used when the sale is subject to certain conditions being met before completion

2. Installment Terms: Required when payment is to be made in installments, incorporating Maceda Law requirements

3. Product Warranty: Detailed warranty terms for goods, if applicable

4. Insurance: Insurance requirements during transit or pending full payment

5. Intellectual Property: Required when the sale includes IP rights or licensed content

6. Tax Provisions: Detailed tax arrangements when complex tax implications exist

7. Due Diligence: Used for complex sales requiring verification periods

8. Force Majeure: Detailed force majeure provisions if standard provisions need expansion

9. Regulatory Compliance: Required for sales of regulated items or in regulated industries

What schedules should be included in a Agreement Of Sale Contract?

1. Schedule 1 - Property Description: Detailed technical specifications or legal description of the property/goods

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and dates for installment sales

3. Schedule 3 - Delivery Schedule: Detailed delivery timelines and specifications

4. Schedule 4 - Warranties: Detailed warranty terms and conditions

5. Schedule 5 - Required Documents: List of documents required for transfer of ownership

6. Appendix A - Condition Report: Current condition of goods/property being sold

7. Appendix B - Certificate of Title: Copy of title documents (for real property)

8. Appendix C - Permits and Licenses: Copies of relevant permits and licenses

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Philippines

Publisher

Ƶ

Document Type

Buy-Sell Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions






























Clauses



































Relevant Industries

Real Estate

Retail

Manufacturing

Automotive

Technology

Consumer Goods

Industrial Equipment

Agriculture

Construction

Mining

Telecommunications

Healthcare

Education

Energy

Maritime

Relevant Teams

Legal

Sales

Procurement

Finance

Operations

Compliance

Business Development

Commercial

Real Estate

Supply Chain

Account Management

Administrative

Relevant Roles

Legal Counsel

Contract Manager

Sales Manager

Procurement Manager

Business Development Manager

Commercial Director

Chief Financial Officer

Property Manager

Real Estate Agent

Corporate Secretary

Compliance Officer

Operations Manager

Supply Chain Manager

Account Executive

General Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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