An Item Purchase Agreement, or IPA, is an official business agreement outlining the terms and conditions under which one party will purchase goods or services from another. It defines the rights and responsibilities of each party related to delivery and payment, as well as any special terms associated with the purchase. An IPA acts as a legally binding document that protects both parties in the event of non-performance. It’s important to carefully review all the details outlined in an IPA to make sure it meets your needs and expectations before entering into an agreement.