The Terms of Payment in the Contract

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The exclusion of the terms of payment in the contract is one deal breaker. The terms of payment for the Self Contained Breathing Apparatuses (SCBA) ought to be included in the contract. The inclusion of the terms of payment for the goods in the contract will make it easy for the court to determine whether the transaction is a cash sale or otherwise, therefore, making it easy to make a ruling in the event of disagreement between the two parties.

The second deal breaker is the omission of delivery terms in the contract. The quantity of Self Contained Breathing Apparatuses (SBCAs) to be delivered, specific date, time and location of delivery must be clearly stated in the contract. The contract ought to specify which party is expected to insure the S.B.C.As during the delivery process. If the S.B.C.As are damaged or lost while being delivered, the contract should indicate which party should compensate for the loss.

Concessions

If the company delivers to the buyer a quantity of Self Contained Breathing Apparatus larger than the amount in the contract, the buyer can accept the products stated in the contract and reject the surplus or may reject the whole delivery. In case the buyer accepts the entire shipment, he/she shall pay for them at the rate stipulated in the contract.

The company shall offer the buyer a fair chance to examine the Self Contained Breathing Apparatuses to affirm that the products conform to the contract. In case the buyer finds fault in the products in the products during the inspection, the company is expected to replace the products with new ones that meet the expected standards.

References

Smyth J. E., Soberman D. A., Easson A. J., and McGill S. A., (2016). The Law & Business Administration in Canada, Fourteenth Edition; Pearson Canada Inc.

December 12, 2023
Category:

Business

Subject area:

Company

Number of pages

2

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305

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