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A Supply Agreement, is a document between two parties, a Supplier and a Purchaser. The Supplier can be an individual or business and is the party that "supplies," or sells, the goods to the Purchaser. The Purchaser can also be an individual or a business and is the party that purchases for its use the goods that the Supplier provides.
Within these agreements, the Supplier and the Purchaser outline their expectations for the sale and acquisition of the goods, as well as the general behavior and bounds of the relationship between them.
In a Supply Agreement, the most important details of the parties' relationship will be entered: things such as a description of the goods being sold, how and when the Purchaser is expected to pay, whether the contract is exclusive or not, and what warranties and performance guarantees are being provided, penalties for delays etc.. A good Supply Agreement will also have both parties covered in case anything goes wrong: things such as dispute resolution and governing law should be included.
How to use this document
This document can be used when a Supplier and Purchaser are getting ready to enter into a new contract for the purchase of goods.
In this document, the form filler will be able to enter pertinent identifying details, such as whether the parties are individuals or businesses, and their respective addresses and contact information. The form filler will also input the most important characteristics of the agreement between the parties, like duration for the contract, dispute resolution and governing law, and of course, any pertinent details about the actual supply relationship.
The Supply Agreement will be legally binding when it has been printed on judicial stamp paper or e-stamp paper and signed by both the Supplier and the Purchaser, and has been dated. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on such agreements. Information regarding stamp duty payable can be found on the State government websites. For instance, the website of the state of Karnataka provides details of stamp duty payable on agreements as does the website of the Delhi.
Both the Parties may keep a signed copy of the Supply Agreement. In order to do this, two different copies can be signed, or if only one copy is signed, it can be photocopied and then distributed between the parties.
Supply Agreements in India are subject to Indian Contract Act, 1872 which covers general contract principles like formation and mutual understanding and Sale of Goods Act, 1930 which deals with title to goods and warranties.
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