A Used Equipment Purchase & Sale Agreement is a legally binding contract between a seller and a buyer for the sale of used equipment. It provides legal protection to both the seller and the buyer and clearly outlines their respective rights, obligations, and responsibilities, reducing the likelihood of disputes or misunderstandings.
The agreement ensures that both parties have a clear understanding of the terms of the transaction, including the description of the equipment, the purchase price, payment terms, delivery arrangements, and any warranties or guarantees provided by the seller.
It allocates risks associated with the sale, such as the risk of loss or damage to the equipment during delivery. By specifying when title and risk of loss transfer from the seller to the buyer, the agreement helps mitigate potential disputes over liability.
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