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Purchase Term Sheet
"I need a Purchase Term Sheet for buying manufacturing equipment worth SGD 2.5 million from a Singapore supplier, with specific focus on installation requirements and performance testing before final payment is due in March 2025."
1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the term sheet
4. Purchase Price: Detailed breakdown of pricing, payment terms and schedule
5. Description of Goods: Detailed specification of goods to be purchased
6. Delivery Terms: Timing, location and method of delivery
7. Governing Law: Specification of Singapore law as governing law
1. Conditions Precedent: Conditions that must be met before the purchase becomes binding - used for complex transactions or when regulatory approval is needed
2. Due Diligence: Requirements for investigation of goods or seller - used for high-value purchases or complex goods
3. Warranties: Specific promises about the goods or transaction - used when quality assurance is critical
1. Product Specifications: Detailed technical specifications of goods
2. Pricing Schedule: Detailed breakdown of prices, especially for multiple items
3. Delivery Schedule: Detailed timeline for delivery if multiple shipments
4. Quality Standards: Specific quality requirements and testing procedures
Authors
Delivery
Title and Risk
Warranties and Representations
Inspection and Acceptance
Confidentiality
Force Majeure
Termination
Indemnification
Governing Law
Dispute Resolution
Assignment
Notices
Entire Agreement
Amendments
Severability
Insurance
Quality Requirements
Compliance with Laws
Intellectual Property
Tax
Waiver
Third Party Rights
Time of Essence
Costs and Expenses
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