terms-of-sale

Terms of Sale refer to the conditions and agreements that govern the purchase of goods or services between a buyer and a seller. These terms outline the rights and obligations of both parties throughout the transaction process. Common elements found in terms of sale include:

1. Price: Specifies the amount the buyer agrees to pay for the goods or services.
2. Payment Terms: Outlines when and how payment should be made, including methods of payment accepted.
3. Delivery: Describes how the goods or services will be delivered to the buyer, including shipping methods, costs, and timelines.
4. Title and Risk of Loss: Clarifies when ownership of the goods transfers from the seller to the buyer, and who bears the risk of loss or damage during transit.
5. Warranties: Details any guarantees provided by the seller regarding the quality, performance, or condition of the goods or services.
6. Returns and Refunds: Specifies the conditions under which the buyer can return goods and receive a refund, including any restocking fees or return shipping costs.
7. Dispute Resolution: Outlines procedures for resolving disputes between the buyer and the seller, such as mediation, arbitration, or litigation.
8. Governing Law: Determines which jurisdiction’s laws will govern the terms of the sale and any disputes arising from it.

These terms are typically presented to the buyer before the transaction is completed, either through a physical contract, an online checkout process, or a click-through agreement. It’s essential for both parties to understand and agree to the terms of sale to ensure a smooth and mutually beneficial transaction.