Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204
Definition and meaning
The Agreement for Sale of Goods with Adjustment in Purchase Price Pursuant to UCC 2-204 is a legally binding document that outlines the terms of sale for goods between a seller and a buyer. This agreement is governed by the Uniform Commercial Code (UCC), which provides a standardized framework for commercial transactions in the United States. This particular agreement specifies the conditions under which the purchase price can be adjusted based on the weight and quality of the goods sold.
How to complete a form
Completing the Agreement for Sale of Goods involves several steps:
- Identify the parties: Clearly state the names and addresses of both the Seller and Buyer.
- Specify the goods: Include a detailed description of the goods as outlined in an attached Exhibit A.
- Determine quantity: Indicate the gross tons of goods being sold.
- Set the price: Fill in the price per ton and any adjustment details regarding the list price.
- Define payment terms: State the time frame for payment following delivery.
- Document shipping details: Specify the method of shipment and the addresses involved.
- Review and sign: Ensure both parties sign the agreement in the designated sections.
Key components of the form
This agreement contains essential components that define the transaction:
- Sale of Goods: Outlines the goods being sold.
- Quantity: States the amount of goods to be delivered.
- Quality: Describes the expected quality based on provided samples.
- Price: Details the pricing structure and any possible adjustments.
- Time of Payment: Specifies the payment timeline.
- Risk of Loss: Indicates when the risk transfers to the Buyer.
- Governing Law: States the applicable jurisdiction for legal matters.
Who should use this form
This agreement is suitable for businesses and individuals involved in the sale of goods, particularly when there is a need for a clear framework on pricing adjustments. It is beneficial for:
- Manufacturers selling raw or finished goods.
- Wholesalers distributing products to retailers.
- Buyers looking for assurances about price adjustments based on market fluctuations.
Benefits of using this form online
Utilizing the Agreement for Sale of Goods with Adjustment in Purchase Price online offers several advantages:
- Accessibility: The form can be easily accessed and completed from any location.
- Time Efficiency: Completing the form online can save time compared to traditional methods.
- Accuracy: Online forms often include prompts and tips that help ensure correctness.
- Immediate Downloads: Once completed, users can download and print the form instantly.
Common mistakes to avoid when using this form
Users should be aware of the following common pitfalls to ensure the form is filled out correctly:
- Failing to provide detailed descriptions of goods may lead to misunderstandings.
- Incorrectly calculating weights or prices could result in disputes.
- Neglecting to review payment terms can cause cash flow issues.
- Omitting signatures from both parties invalidates the contract.
Form popularity
FAQ
The UCC does not apply to any transaction to buy or sell the real estate itself. More importantly, Article 2 does not cover any service contract like an employment contract for a salesperson.
Depending on the circumstances, the seller may: Cancel the contract. Withhold or not deliver the goods. Reclaim the goods.
Article 2 applies to contracts for the sale of goods. 2 Goods are things that can be identified when the contract is formed and can be moved. 3 Pens, boats, computers, cars and animals are all ?goods.? In contrast, real estate, services, and intangibles (such as intellectual property) are not ?goods.?
Formation in general. (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract.
The Uniform Commercial Code regulates the sale of goods. However, there are a few sales situations that the UCC does not include under its code regulations. The UCC only includes the sales from merchants with specialized knowledge. Any sales between two private parties would not be included in the UCC requirements.
UCC, Article 2, Section 2-106 defines a sale as the passing of title to goods from a seller to a buyer for a price. The UCC has some provisions that apply only to merchants, whether they are buyers or sellers.
(1) ?Goods? means all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities (Article 8) and things in action.
UCC, Article 2, Section 2-106 defines a sale as the passing of title to goods from a seller to a buyer for a price. The UCC has some provisions that apply only to merchants, whether they are buyers or sellers.