Carl Glendon

What Are The Top Differences Between A Sales Contract And A Bill Of Sale?

In a business ambience, there are numerous forms of transactions in existence. The commonest of these is a transaction in which the ownership of an asset is transferred by a buyer to some other party - either for a specified amount of time or permanently. Both a Sales Contract and a Bill of Sale pertain to all such transactions. At the outset, there seems to be no big difference between the two. Both types of documents are used by a seller and a buyer while transacting a goods sale. Often, many of the T&C associated with the two are the same. However, there are some differences as well.

Definition

An official document, a Bill of Sale transfers an item's ownership to the buyer from the seller. This kind of document is used by the purchaser in the form of a historical record as a proof of ownership. A sales agreement stands for a future buying of services or goods with particular terms mentioned in the document.

Purpose

A bill of sale, such as an auto bill of sale, is signed after both parties carry out the sales agreement. A sales agreement, on the other hand, helps secure the financial resources for an agency with no need to buy the items immediately. Sales contracts mention the details about the transactions occurring in the future, while a bill of sale only serves to document the transaction that happens. For more information about getting a bill of sale form free, please visit this website.

Considerations

Sales contracts provide the buyer as well as the seller with some amount of flexibility prior to entering into an agreement. Most of such types of agreements are carried out for big acquisitions, and make sure that neither party is able to compromise the terms of the agreement while the sale is being completed. There is no such flexibility to be enjoyed with a Bill of Sale.

Author Resource:-

Carl writes often about online legal drafting like affidavit, bill of sale and release/ waiver agreement to help the people. You can find his thoughts at custom legal forms blog. Please visit this site to get a sample bill of sale in Arkansas.