Form No. 2 Agreement For Sale of Future Goods: HAP Ale of Oods or Onveyance of Ovable Roperty

CHAP.
2 SALE OF GOODS OR CONVEYANCE OF MOVABLE PROPERTY 4653
Form No. 2
Agreement for Sale of Future Goods

THIS AGREEMENT is made at .............. this ................. day of .............. 20......
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 machineries 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 be 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 specifi-
cations 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 ad-
vance paid to him forthwith and will also be liable to pay damages being the differ-
ence between the agreed price and the market price prevailing at the date of cancella-
tion 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
4654 PRACTICAL GUIDE TO DEEDS & DOCUMENTS PART 7
or machines and refund the price thereof to the Buyer. If the Seller fails to do so with-
in 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 Arbi-
tration 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 and Conciliation
Act, 1996 (26 of 1996) for the time being in force.
Sd/- Sd/-
SELLER BUYER.
________
–––––––––––––––––––
Preliminary Notes : See Preliminary Notes & Comments on Central/State Acts, Rules,
Forms, Procedures, Stamp Duty, eStamping, Registration, eRegistration, Official Website(s),
Amendments & Supreme Court decisions upto 2018 outlined at the beginning of this Chapter.
Stamp Duty & eStamping : Agreement for Transfer or Sale of Goods or any Movable
Property would attract Stamp Duty [now eStamp Duty] under Article 5 of Schedule I to the
Indian Stamp Act, 1899 (2 of 1899) under item (c) of that Article or the corresponding provision
of any State Stamp Act/Schedule of the Central Act as adapted in that State.
Model Deeds & Documents for Movable Properties : See detailed Notes, Comments,
Model Forms of Deeds, Documents & Agreements for Sale of Goods or Conveyance of Mova-
ble Properties, Hypothecation, Pledge, Hire-Purchase, Lease Financing, Sale of Business &
Actionable Claims, etc., in this and succeeding Chapters of this Part.
Contractual Deeds, Documents & Agreements : See Notes & Comments on the Indian
Contract Act, 1872 (9 of 1872) & Model or Standard Contractual Deeds, Documents, Indemnity
& Guarantee, Bonds, Bailment, Agency Agreements, Franchise Agreements, Foreign Collabo-
ration Agreements, Business & Services Agreements, Computer, Information Technology (IT)
& Cyber Contracts & Agreements, etc., in respective earlier Part/Chapters.
Execution of Deeds, Documents, Contracts etc. by Companies [as per the Companies
Act, 2013 amended by the Companies (Amdt.) Act, 2017 (1 of 2018) (w.e.f. 09-02-2018) :
See Relevant Provisions of the Companies Act, 2013 (18 of 2013) amended by the Companies
(Amendment) Act, 2015 (21 of 2015) (w.e.f. 29-5-2015) & the Companies (Amendment) Act,
2017 (1 of 2018) (w.e.f. 09-02-2018) for Execution of Deeds, Documents, Instruments, Bills,
Contracts, Proceedings, etc., by Companies in respective Parts/Chapters.
See detailed Notes, Comments, Model & Prescribed Forms, eForms, eFilings, etc., under
the Company Law with Official Website of Government of India, Ministry of Corporate Affairs
(MCA) & MCA21 http://www.mca.gov.in in respective later Part/Chapters of this book.

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CHAP.

2 SALE OF GOODS OR CONVEYANCE OF MOVABLE PROPERTY 4653

Agreement for Sale of Future Goods

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