Agreement for Sale of Stock-in-Trade, Furniture and Effects

Agreement for Sale of Stock-in-Trade, Furniture and Effects

This agreement is made this …………….. day of ………..1999 between AB  of     etc. (hereinafter called the vendor), of the one part, and CD of etc. (hereinafter called the purchaser), of the other part:

Now this agreement witnesses and the parties hereby agree as follows:

1. The vendor will sell and the purchaser will purchase, at the valuation and upon the terms hereinafter mentioned, all the stock, implements, trade utensils, household furniture, fixtures, fittings and effects fully mentioned and described in the Schedule hereunder now being in and about the, etc., premises, at present in occupation of the vendor.

2. The sale of the stock, implements, etc., shall be “as they are and where they are” and no complaint on any account shall be entertained after the sale.

3. The purchaser shall deposit with the vendor a sum of Rs. ………… as earnest money and shall pay the balance immediately after the valuation is made unless the time for payment is extended by mutual consent when and in such event the goods shall be at the risk of the purchaser.

4. The valuation of the goods shall be made on or before the ………. day        of ………. unless the date is extended by mutual consent when the purchaser shall make it convenient to attend at the sale and shall immediately upon completion thereof pay the balance to the vendor, who will thereupon deliver to the purchaser possession of the said movables and effects.

5. The said valuation will be made by two independent valuers, one to be chosen by each party, or by an umpire to be chosen by such valuers before entering upon such valuation, and such valuation shall be deemed to be, for all purposes, an arbitration within the meaning of the Arbitration and Conciliation Act 1996 and its statutory re-enactment or modification.

6. In the case the purchaser shall refuse or neglect to pay the balance amount on such valuation on the date thereof, he shall lose and forfeit the deposit and the goods shall be sold by auction and he shall further be liable for the shortfall, if any. If however, the vendor refuses or neglects to deliver up possession of the said movables and effects, then and in such an event he shall be liable to pay to the purchaser a sum of Rs. ………….. as liquidated damages, and this deed shall become void to all intents and purposes.

The Schedule of goods above referred to

In witness whereof the parties hereto have executed these presents on the day, month and year first above-written.

Signed, sealed and delivered by the

said AB in presence of:                                                                           AB

Signed, sealed and delivered by the

said CD in presence of:                                                                           CD