Term of Sales refers to the agreement between the buyer and seller of goods and services. The term of sales includes the conditions the parties agree on price, quality, quantity, delivery, warranty, payment terms and other special conditions. In a legal sense, terms of sale refers to the point where the sellers have fulfilled their obligations so that the goods can be delivered to the buyer. The special conditions include the limitation of liability, refunds policy, Intellectual property rights, assignment and sub-contracting.
In global trade, the guidelines set between the two trading parties is known as the term of sale.
• Prices – According to contract terms prices are agreed upon at the time of order and, prior to payment of the deposit and are subject to changes without prior notice.
• Delivery – Within 4 days of notification of their availability, the Customer must have collected or accepted the delivery of the Goods and pay the balance.
• Title - Legal ownership of the Goods will only pass to the Customers if the agreed amount have been paid in full in cash
• Risk and Insurance - The risk are transferred to the Customer from the moment of delivery or on collection
• Inspection - The Goods are assumed to have been accepted in good order and condition until and unless the customer after its inspection has given written notice to the Company within 5 days after collection or delivery
• Governing law – The terms of agreement will be governed by courts mentioned in the agreement and any disputes will be settled in the mentioned court