A Bill of sale is an important document that is widely used in trade and made by the seller to the purchaser. This is a legal document and can also be named receipt, invoice, etc. The main purpose of having this document is to keep a record of transactions made between buyer and seller on particular products/services. The Bill of sale serves as legal evidence whenever there comes any issue of payment, fraud in the transaction, no delivery of the order, etc. seller is responsible for making this important document so he must try to accomplish it in a professional way. This document is one of the business documents that serve as record keeping. A Bill of sale provides protection to both buyer and seller when they accomplish any transaction for certain goods and products.
There are two main types of bill of sale documents that are widely used in the trade industry. These are:
- Absolute bill
- Conditional bill
An absolute bill is for confirmation of payment by the buyer for goods and products he receives. From the seller’s side, the seller agrees that the buyer has paid for the order delivered to him. Automatically this document becomes written proof of a transaction made between buyer and seller and there is no need for any other proof for legal justification.
Here is a preview of this Sample Bill of Sale Form,
Conditional bill is used to have by the seller until the buyer pays for the order delivered to him. If the buyer is not paying for the delivery, the seller can own the products and goods that were going to sell to the buyer. The seller again becomes the owner of his property.
The Bill of sale consists of some important information that supports dealing with legal issues. Important dates are given on the bill of sale like delivery date, payment date, and order date. Particulars of buyer and seller are given on the bill of sale document like name, phone numbers, addresses, etc. The next section of the bill of sale consists of information about the transaction made between buyer and seller like product title, per unit price, total price, product description and net amount to be paid by the buyer. Warranty coverage and other terms and conditions are also mentioned in the bill of sale. Signatures of both buyer and seller are also given on the bill of sale and hence this document becomes legal proof against any issue that comes in transactions.
In the case of making the transaction of the automobile, you will have to add the model no of the vehicle, mileage and company name, etc. The amount is such an important content of a bill of sale document so it should be mentioned clearly and both in words and numbers.
A Bill of sale document must be created in its particular format and layout because it is a standard format for this document and you must stay professional while making a bill of sale document. From the information and discussion given above, you can surely understand the value and importance of a bill of sale document. It comes in business documentation and serves both parties as legal evidence. So the importance of this document cannot be denied at all.
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