Sales Invoice Terms and Conditions Sample for Legal Compliance

Sales invoice terms and conditions sample for Legal

[Music] today i want to talk to you about the difference between terms and conditions in an agreement of sale because there are two concepts that people often find confusing a term is a mere recall of what the parties to the agreement have to do and if they don't carry out a term they're on breach and they can be placed on terms to perform in terms of their obligations now a condition is something that suspends the agreement from becoming of full force and effect so strictly speaking until the conditions fulfilled there is no bonding agreement what it means is if the condition is not fulfilled the agreement is at risk of collapsing and ceasing to be of any further force or effect common conditions the most common condition is the grant of a loan now we often find a situation where loan is granted for a lesser amount and this purchaser pays in the difference the parties in carry off the transaction and the misconception that they have a bonding sale agreement they do not the agreement last on the day on the last day for the grant of the loan in the agreed sum so prior to that date the parties are required to enter into an addendum either extending the date for the grant of the higher amount of the loan or amending the grant the loan amount required to a lesser amount in placing an obligation creating a term for the payment of the balance as a deposit alternatively if you have a seller that doesn't wish to enter into any addendums to the agreement then this purchaser has the option of waiving the condition and tendering performance in terms of the agreement it does not matter that after the date of fulfillment if it hasn't been fulfilled that the parties carry on as if they wish to be bound by the agreement so the easiest way to think about it is that if the date for the fulfillment of the condition arises and nothing has happened it's like having an egg that scrambles you cannot unscramble the scrambled egg nothing can put it back together at the beginning of this video i mentioned that it's important to differentiate between terms and conditions think of a situation where the purchaser i mean the seller is required to fix the pull pump you don't want to make that as expensive condition when the agreement lapses because the seller hasn't fixed the call count so rather record it as an obligation many make provision for the fact that the seller is to fix the pool pump by a certain date don't mention the words conditional because then what happens is when that data arrives the seller can be put on terms to repair the pull pump and if he doesn't the purchaser down the vine can either do it himself and claim the cost of doing that from the seller be it before or after registration of transfer i hope you liked this video and if you found it informative and if you did please don't forget to like and share it thank you [Music] you