A credit purchase agreement is a contract for the sale of goods in which the buyer pays in instalments and becomes the owner of the goods, either at the conclusion of the contract or after the conclusion of payment, depending on the terms of each contract. This purpose of this type of transaction is sometimes referred to as “supply credit” and, after the supply of the goods or services, the party that received the receipt owes a commercial debt to the other party. This debt is repayable in accordance with the terms of payment of the contract. 1. The seller undertakes to sell the buyer and the buyer undertakes to purchase Seller___________ goods (hereinafter referred to as “these products”) at a price of Rs. ___________ The seller sends these goods to the buyer through the designated vessel, whose information about the ship and the date of its arrival at the port of dispatch in India is sent to the buyer. CONSIDERING that the buyer is a trader and has approached the seller to ask him to sell the goods at the price of __ per unit / kilo. 9. Where certain formalities must be completed at the place of destination before the importation of the abovementioned goods, the purchaser must carry them out at his own expense. 3. The seller shall enter into an agreement with the master of the ship for the carriage and delivery of the above-mentioned goods in the Indian port. 5.
It is the buyer`s responsibility to have a credit on his banker that covers the price of the goods, freight insurance and other costs for the benefit of the seller`s banker. 11.C is the right of the buyer to investigate the satisfaction of the goods at the place of destination. If the goods do not conform to the model or specifications, the buyer has the right to reject the goods at the risk and expense of the seller. 7. The above document is notified to the buyer`s banker against receipt from the accrediting person, who in turn delivers it to the buyer so that he can deliver the goods to the Indian port. The delivery of the documents constitutes the delivery of the goods and the goods are now done at the risk of the buyer. 8. It is the responsibility of the buyer to open a credit with his banker for the benefit of the seller`s banker. The buyer`s bankers write the price on behalf of the seller to the seller`s banker against receipt of the ownership document. 4. It is the responsibility of the buyer to have these goods insured under the current conditions of their value and to issue an invoice.
6. After shipping these goods, the seller must send to his banker in the Indian port all the necessary documents, including the contract of carriage, insurance policy, invoice, bills of lading, etc.