This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website
State:
Multi-State
Control #:
US-01815BG
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Agreement Regarding Representations And Warranties For Goods Purchased And To Be Re-Sold On Purchaser's Website?
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FAQ
The key difference among these words is temporal past and present for representations; past, present, but mainly future for warranties; and mainly future for covenants. The remedies for a false representation, breach of a warranty or violation of a covenant also have differed.
Representations and warranties are assertions or assurances given by the parties to the agreement. While most purchase agreements contain representations and warranties from seller and buyer, the seller representations and warranties typically are the most extensive and more important.
The representations and warranties section of the Purchase Agreement is one of the most negotiated sections of any agreement between a buyer and a seller. It covers statements of fact and promises about what is sold. The seller will make several representations and warranties about the target and assets.
Reps and warranties is a term used to describe the assertions that a buyer and/or seller makes in a purchase and sale agreement. Both parties are relying on each other to provide a true account of all information and supporting documents to close the transaction.
The term warranty can also dress up as a covenant. Covenants have been distinguished from representations because they are promises of performance in the future, in contrast to statements of the existence of a past or present fact.
Specifically, the remedy for breach of warranty is typically some measure of expectancy damages, whereas the remedies for the tort of misrepresentation are typically rescision plus some measure of reliance or restitution damages, along with punitive damages if the misrepresentation was intentional.
The representations and warranties allocate risk between the parties and serve as the foundation for an indemnification claim in case of a breach or inaccuracy. A breach or inaccuracy of a representation or warranty can also provide the other party with a right to terminate or refuse to close the transaction.
A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.
Seller representations and warranties are not required by law but are in nearly every purchase agreement. I have had deals in which the seller representations and warranties fill less than a page and other deals in which the seller representations and warranties have filled 30 pages.
A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.