Last revision: 02/27/2023
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A Sale of Goods Agreement is a document that a seller and a buyer can enter when a certain good or goods are being sold. It outlines the terms and conditions of the sale. A Sale of Goods Agreement contains basic logistics of the sale, such as the price and delivery information, but also contains the information required for an equitable relationship between the parties, such as the risk of loss.
This documents can be used regardless of whether the good or goods being sold is brand new or second hand. It likewise covers any type of sale, whether it's a one-time sale or multiple shipments overtime. Because the transfer of ownership of goods and because money is changing hands, it's best practice to have all the details of the parties' understanding contained in one written agreement.
In a Sale of Goods Agreement, the ownership of the goods transfers to the buyer. The transfer can be either by physical delivery (delivering the goods to the buyer) or constructive delivery (such as notarizing the Sale of Goods Agreement).
How to use this document
Either the seller or the buyer can draft this document.
The user should enter all the information required to complete the document. Once completed, the user should print at least three (3) copies of the document. Once the document has been printed and the attachments attached, if any, the parties should review and, if everything is found to be correct, sign all original copies of the document.
Notarizing the document
If the parties want to acknowledge the document, this document also contains an Acknowledgment. An Acknowledgment is an act of a person before a notary public stating that the signature on a document was voluntarily affixed by him and he executed the document as his free and voluntary act. Acknowledging the document is optional however, a document that is acknowledged before a notary public turns the document into a public document. Public documents are generally self-authenticating, meaning no other evidence will be needed to prove the execution of the document. Notarizing a Sale of Goods Agreement is not mandatory. However, it can be construed as a constructive delivery thereby transferring ownership of the goods to the buyer.
If the document will be acknowledged, the parties should present themselves before a notary public with all the copies of the document and swear an oath to the foregoing. The parties should also bring a competent form of identification, such as a passport or driver's license. A competent form of identification is a current identification document bearing the photograph and signature of the respective party and should have been issued by an official agency.
If the document is acknowledged, the notary public will keep one original copy of the document. Both parties should each keep a copy of the document for their records.
The law on Sales and Contracts and Obligations found in the Civil Code of the Philippines is the general law that applies to a Sales of Goods Agreement.
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Other names for the document: Sale of Goods Contract, Agreement for Sale of Goods, Contract for Sale of Goods, Contract for Sale of Secondhand Goods, Agreement for Sale of Secondhand Goods