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