Formal Contract
Formal Contract
1. Introduction
This Formal Contract ("Contract") is entered into on [Insert Date], ("Effective Date"), by and between [Your Company Name], a [Legal Entity Type] organized under the laws of [Jurisdiction], having its principal place of business at [Your Company Address] ("Supplier"), and [Client Name], a [Legal Entity Type] organized under the laws of [Jurisdiction], having its principal place of business at [Client's Address] ("Client").
2. Recitals
Whereas the supplier is engaged in the business of manufacturing and supplying electronic components; and
Whereas the client desires to purchase said electronic components from the Supplier;
3. Definitions
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"Products" shall mean electronic components, including but not limited to resistors, capacitors, and integrated circuits, as specified in Exhibit A.
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"Delivery Date" shall mean the date by which the Products are to be delivered to Client's warehouse, as mutually agreed upon by both parties and specified in Exhibit A.
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"Price" shall mean the total amount payable by the Client to the Supplier for the Products, including shipping and handling fees, as outlined in Exhibit A.
4. Scope
Supplier agrees to manufacture and deliver the Products to Client under the specifications and quantities outlined in Exhibit A attached hereto and incorporated herein by reference.
5. Responsibilities
5.1 Supplier Responsibilities
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Manufacture the Products under industry standards and Client specifications.
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Deliver the Products to the Client's designated location by the agreed Delivery Date.
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Provide necessary documentation, including invoices and shipping documents, upon delivery of the Products.
5.2 Client Responsibilities
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Provide accurate specifications and quantities of the Products required.
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Make payment to the Supplier under the Payment Terms outlined herein.
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Notify the Supplier of any defects or discrepancies in the Products within [Number] days of delivery.
6. Payment Terms
Client shall pay Supplier the Price for the Products within [Number] days from the date of delivery. Payment shall be made in [Currency] via Bank transfer.
7. Termination:
Either party may terminate this Contract upon written notice to the other party in the event of a material breach of any provision of this Contract by the other party, provided that such breach remains uncured for 30 days following written notice thereof.
8. Representations:
Supplier represents and warrants that:
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The Products shall conform to the specifications provided by the Client and shall be free from defects in materials and workmanship.
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The supplier has the necessary rights and authority to manufacture and supply the Products to the Client.
9. Indemnification
Each party agrees to indemnify and hold harmless the other party from and against all claims, damages, liabilities, costs, and expenses arising out of or in connection with any breach of this Contract by the indemnifying party.
10. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary or confidential information disclosed during this Contract.
11. Governing Law
This Contract shall be governed by and construed under the laws of [Jurisdiction]. Any disputes arising under or in connection with this Contract shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
12. Miscellaneous
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This Contract constitutes the entire agreement between the parties to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
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Any modification or amendment to this Contract must be made in writing and signed by both parties.
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This Contract may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.
13. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the Effective Date first above written.
[Client Name]
[Date Signed]
[Your Name]
[Date Signed]
