Purchasing Agreements Definition
A purchasing agreement is a contract between a buyer and a seller that outlines the terms and conditions of a transaction. Purchasing agreements are typically used in business-to-business transactions, but can also be used in consumer transactions.
The main purpose of a purchasing agreement is to protect both parties involved in the transaction. It sets out the specific terms of the purchase, including the price, quantity, delivery date, and other important details. The agreement may also include clauses that protect the buyer or seller in case of breach of contract, or that allow for termination of the agreement under certain circumstances.
Purchasing agreements are usually fairly lengthy and complex documents, so it is important to have an experienced attorney review the agreement before signing it. Once both parties have signed the agreement, it is legally binding and can be enforced by a court if necessary.
