Sale Agreement

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A sales and purchase agreement (SPA) is a legal contract that obligates a buyer to buy and a seller to sell a product or service.

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Frequently Asked Questions

  • Q. Do I have to agree to do extracurricular duties or to coach? Open or Close

    Many collective agreements have provisions governing extracurricular duties, so you need to check. In any case, a teacher should be wary of unreasonable expectations for voluntary Getting to know your employment contract work that can interfere with a successful year in the classroom.

  • Q. Can a Power of Attorney be issued to someone else to register the document?Open or Close

    Yes, by executing a ‘Special Power of Attorney’ for this purpose, the property owner can transfer his/her right to register a property document to someone else.

  • Q. What should be covered in a construction contract?Open or Close

    Description of Work (sometimes called “scope”): The contract should describe, in some degree of detail, the work that you are hiring your contractor to perform. If you are hiring a contractor to perform a kitchen renovation, the contract should be specific with regard to the work and materials you expect. You might list “Installation of stove,” “installation of white triangular marble tiles,” or “upgrades of sink piping.” The idea is to clarify the expectations, as much as possible, about what the general phrase “kitchen renovation” means.

    Time for Performance: Among the most frequent complaints about home contractors is the time of performance. Homeowners frequently feel that their contractors are taking far longer than they anticipated. Your contract is an opportunity to lay out basic expectations. For example, you can include specific benchmarks: “Tiling to be completed by April 30, 2018” or “Old stucco to be removed by March 1, 2018.” This creates clarity. You can also include an overall deadline, and indicate that “time is of the essence” (a legal phrase that would demonstrate to a court that the contractor had notice that timely completion of the work was a crucial component of your contract).

    Schedule of Contractor’s Work: Home improvements can be invasive from the perspective of someone trying to live in the home. It is a smart ideas to spell out exactly when your contractor will be expected to be in your home. Weekends? Evenings? Afternoons? Will he be given a key? Clarifying these logistical scheduling issues will save some time down the road.

    Payment Amount and Schedule: Obviously, the contract must state the amount that you will pay your contractor for the work. But it should also go into more detail: How will you pay, and when will you pay? By check? Wire transfer? It is generally smart to structure payment in installments. This creates an obvious incentive for the contractor to continue working at pace. It is also common to withhold what is known as “retainage” – usually 5-10% from each payment – until after the entire project is complete. Retainage allows you to keep some degree of influence over the contractor, again to ensure that the work is finished as expected.

    Type of Payment: Generally, home improvement contracts fall into two types: “Fixed costs” or “Time and materials.” Fixed cost contracts are situations in which the contractor’s payment is a single dollar amount. “Time and materials” contracts are contracts where the contractor will charge for the labor and materials (usually hourly pay rates for workers, plus invoices and receipts for materials). In most cases, a lump sum “fixed costs” contract is more favorable to homeowners. But regardless of the type of payment, the type of contract should be clearly identified.

    Method for Changes to the Scope: Sometimes, a homeowner will have a change of mind about certain aspects of the job along the way. You’ll see those blue tiles you chose installed in your kitchen and realize that you made a horrible mistake. Sometimes, a contractor will not be able to perform in exactly the manner he promised; for example, maybe certain materials he thought were available to him are not, in fact, on the market anymore. Your contract should state the time period within which either of you can make such requests for changes to the scope of work, and the ramifications for payment. Typically, you would pay “time and materials” for any changes unless a new fixed sum were agreed upon.

    Method for Dispute Resolution: Disputes happen. A dispute resolution clause in your contract can lay out the procedure for how such disputes might be resolved. For example, the clause might provide for mandatory mediation of the dispute (whereby you and your contractor would sit down with a trained mediator to attempt to work out a solution). Alternatively, it might provide for binding arbitration, a process where an arbitrator makes a binding decision about the outcome of your dispute. Such a clause might also simply state that any disputes must be filed in a particular court applying a particular state’s laws. You should select the county court that is most convenient for you.

  • Q. Am I required by law to tell the buyer everything about the house? What if there is something wrong that I am not aware of, will I be liable?Open or Close

    In most real estate deals, it is up to each party to protect themselves. The buyer is to hire an inspector to check the house and a real estate attorney to look over the paperwork, for example. Termite inspections, lead paint inspections, etc are all the responsibility of the buyer to ask, however, most states do require that the seller provide that information before signing. A real estate lawyer can help you determine what information you are required to give.

  • Q. Does a lease or rent agreement need to be registered?Open or Close

    A lease deed or rent agreement will require compulsory registration only when the lease is for a period of more than 11 months or if the lease requires the payment of a yearly rent.

  • Q. What legal agreements are needed to set up a Joint Venture?Open or Close

    If you are forming a new Joint Venture company, a Joint Venture Agreement and the new company’s articles of association are crucial. Points that may be covered in these documents or in separate agreements include:

    The financing arrangements for the Joint Venture

    Agreements not to compete with the Joint Venture

    Arrangements for licensing or transferring intellectual property in inventions, brands, designs or copyright works Such as plans or manuals to the Joint Venture

    Agreements on any services or supplies you will provide to the Joint Venture

    Confidentiality agreements

    How any disputes will be handled

    How the partners can exit the Joint Venture

    Any agreements that will continue after the Joint Venture is terminated.

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