Purchase agreements are legal documents companies use when contracting to buy goods or services in the business environment. Contracts are quite common because companies wish to receive assurances from other parties to ensure certain services will meet their expectations.
Simple purchase agreements come in many forms, such as real-estate agreements, lease contracts, equipment purchases or other similar items in business. Larger purchases will most often have a purchase agreement since it represents an enforceable legal document between two or more parties.
Both parties will most often have specific terms or conditions they desire in a transaction, leading them to outlines these issues in the purchase agreement. Terms and conditions may include price, time frame for delivery, penalties for failure to comply and title to property, among other things.
Companies may need different purchase agreements for different purchases. Using an attorney will assure business owners and managers have the essential legal information in the agreement. Attorneys can also review a third-party purchase agreement to ensure it is accurate and valid.