It is evidence to prove that the purchaser had no issues with the product condition at the time of purchase. The term “as-is” is crucial as it conveys the form in which the product was sold and offers the asset with no guarantees or warranties. Both parties involved in the deal typically accept to sell or buy the product in the condition it is “as-is”. A Bill of Sale can be used by a business for procurements where full payment has been made during the time of acquisition. This document can be used to transfer ownership of goods already owned by an entity or physical goods produced by a business. This document typically carries more weight than any ordinary sale receipt as it has a signature from both the parties involved in a sale. This serves as proof of payment and purchase. It is recommended that both parties preserve a copy of the fully executed document. A Bill of Sale is intended to protect both the seller and buyer of an asset and it can be used should a future disagreement arise.
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