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Seller And Buyer Agreement

Seller And Buyer Agreement Template for Malaysia

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Key Requirements PROMPT example:

Seller And Buyer Agreement

"I need a Seller and Buyer Agreement for my Malaysian manufacturing company to sell industrial machinery worth RM 500,000 to a local corporate buyer, with delivery scheduled for March 2025 and payment in three installments."

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Document background
The Seller and Buyer Agreement is a fundamental commercial contract used in Malaysian business transactions to formalize the sale and purchase of goods or assets. This document is essential when parties need to clearly document their rights, obligations, and the terms of their transaction under Malaysian law. It's particularly important for significant commercial transactions where parties need detailed terms covering payment, delivery, warranties, and dispute resolution. The agreement should comply with Malaysian legislation including the Contracts Act 1950, Sale of Goods Act 1957, and where applicable, the Consumer Protection Act 1999. It can be customized for various transaction types, from simple retail sales to complex commercial deals, and is designed to protect both parties' interests while ensuring legal enforceability.
Suggested Sections

1. Parties: Identifies and provides full details of the seller and buyer, including registration/identification numbers and addresses

2. Background: Provides context for the agreement and brief description of the transaction

3. Definitions: Defines key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the goods/property being sold

5. Purchase Price: Specifies the agreed price and payment terms, including deposit requirements

6. Payment Terms: Details the payment schedule, method of payment, and consequences of late payment

7. Delivery Terms: Specifies delivery arrangements, timing, and responsibilities

8. Warranties and Representations: Statements of fact and promises made by both parties regarding the sale

9. Title and Risk: Specifies when ownership and risk transfers from seller to buyer

10. Default and Termination: Outlines circumstances constituting default and consequences of termination

11. Dispute Resolution: Procedures for handling disputes between parties

12. Governing Law: Confirms Malaysian law governs the agreement

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Condition of Goods: Used when selling specific goods requiring detailed condition description

2. Intellectual Property Rights: Include when the sale involves products with associated IP rights

3. Confidentiality: Required when sensitive information is exchanged during the transaction

4. Insurance: Include when specific insurance requirements apply during transit or storage

5. Return Policy: Important for retail or consumer goods transactions

6. Force Majeure: Include when protection against unforeseen events is needed

7. Assignment: Include when transfer rights need to be restricted or permitted

8. Third Party Rights: Include when third party interests need to be addressed

Suggested Schedules

1. Schedule 1 - Product Specifications: Detailed technical specifications of the goods being sold

2. Schedule 2 - Payment Schedule: Detailed breakdown of payment installments and timing

3. Schedule 3 - Delivery Schedule: Detailed delivery timeline and locations

4. Schedule 4 - Warranty Terms: Detailed warranty conditions and claim procedures

5. Appendix A - Product Images/Documentation: Visual documentation of the goods being sold

6. Appendix B - Quality Standards: Applicable quality standards and certifications

7. Appendix C - Compliance Documents: Relevant regulatory compliance certificates or permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Retail

Manufacturing

Wholesale Trade

E-commerce

Real Estate

Agriculture

Automotive

Consumer Goods

Industrial Equipment

Technology

Food and Beverage

Textile and Apparel

Construction Materials

Electronics

Medical Supplies

Relevant Teams

Legal

Sales

Procurement

Commercial

Operations

Compliance

Supply Chain

Contract Management

Business Development

Risk Management

Relevant Roles

Sales Manager

Procurement Manager

Contract Administrator

Legal Counsel

Commercial Director

Business Development Manager

Supply Chain Manager

Operations Manager

Compliance Officer

Chief Commercial Officer

Purchase Officer

Sales Director

General Manager

Managing Director

Chief Executive Officer

Industries
Contracts Act 1950: The fundamental law governing contract formation, validity, and enforcement in Malaysia. It covers essential elements like offer, acceptance, consideration, and capacity to contract.
Sale of Goods Act 1957: Regulates the sale of goods between parties, including conditions and warranties, transfer of property, and rights and duties of both seller and buyer.
Consumer Protection Act 1999: Provides protection for consumers in matters relating to goods and services, including guarantees, warranties, and unfair contract terms.
Stamp Act 1949: Requires certain documents, including sale agreements, to be properly stamped to be admissible in court and legally enforceable.
Electronic Commerce Act 2006: Relevant if the agreement is to be executed electronically, providing legal recognition for electronic transactions and digital signatures.
Specific Relief Act 1950: Provides remedies and enforcement mechanisms in case of breach of contract, including specific performance and injunctive relief.
Price Control and Anti-Profiteering Act 2011: May be relevant if the sale involves regulated goods or price-controlled items in Malaysia.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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