Agreement For
Sale Of Future Goods
THIS AGREEMENT is made at ... the day
of ... between Mr. A carrying on business at ... hereinafter referred to as
'the Seller' of the One Part and Mr. B. carrying on business at ... hereinafter
referred to as 'the Buyer of the Other Part;
1. The Seller agrees to sell to
the Buyer and the Buyer agrees to buy from the Seller the items of machinery
mentioned in the Schedule hereunder.
2. The Seller agrees to
fabricate the said machines as per the sample shown and specification given to
the Buyer and approved by him and which sample is kept apart by the Seller for
Identification.
3. The machines will be
fabricated and supplied to the Buyer within a period of ... months from the
date hereof, time being essence of the contract.
4.
The delivery of the
machines will be given by the Seller at the factory site of the Seller at
against payment of the price as hereinafter mentioned. The Buyer will not he
bound to take piecemeal delivery of any one or more machines and the delivery
must be of all the machines agreed to be sold.
5. The price of each Item of the
machines will be Rs... out of which the Buyer had paid to the Seller a sum of
Rs... as advance by way of earnest (receipt whereof the Seller admits) and the
balance will be paid in cash or by a Bank draft by the Buyer to the Seller as
aforesaid.
6. Before taking delivery the
Buyer will be entitled to examine the machines to verify whether they are as
per the said sample and of the quality and specifications mentioned in the said
Schedule. If they are not as per sample and quality and specifications the
Buyer will be entitled to refuse to take delivery or if delivery is taken. to
return the same to the Seller and in the latter case the Seller will refund the
amount of price paid to him by the Buyer forthwith.
7. It will be the responsibility
of the Buyer to remove the said machines from the factory site at his own costs
after they are offered for delivery. If the Buyer fails to take delivery and to
remove them as aforesaid, within two weeks from the receipt of the notice from
the Seller that the machines are ready for delivery, the seller will be
entitled to sell the same by auction at the highest price available and in that
case the Buyer will be liable to pay the difference between the agreed price
and the net sale price, as damages.
8. If the Seller fails to give
delivery within the said period of two months, the Buyer will be entitled to
cancel this contract and the Seller will refund the said advance paid to him
forthwith and 'Will also be liable to pay damages being the difference between
the agreed price and the market price prevailing at the date of cancellation of
the agreement. If the market price is, not available then Seller will pay to
the Buyer a sum of Rs... a liquidated damages.
9. If the Buyer, after taking
delivery of the machines and putting them To use finds that the machines or any
one or more of them is or are defective, the Buyer will be entitled to return
the same and on the Buyer intimating to the Seller accordingly it will be-the
responsibility of the Seller to take back the delivery of such defective
machine or machines and refund the price thereof to the Buyer. If the Seller
fails to do so within two weeks from receipt of such Intimation, the Buyer will
be entitled to sell such defective machine or machines for whatever price
available or to redeliver them to the Seller. In the former case the seller
will be liable to pay the difference between the agreed price and the net sale
price as damages. In the latter case, the Buyer will be liable to refund the
agreed price plus the transport charges incurred by the Buyer.
10. Any dispute regarding this agreement
including the dispute as to the quality of the machines or any claim made by
one against the other will be referred to arbitration of one arbitrator if
agreed upon or to two arbitrators one to be appointed by each party and the
arbitration will be- governed by the Arbitration & Conciliation Act, 1996.
Sd/- Seller. Sd/- Buyer.
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