Drafting Rice Purchase Agreement

In terms of rice purchase agreement, it basically requires legal drafting that regulates the conditions and terms of an agreement. Rice suppliers and rice importers might get into trouble for selling or buying rice without having a proper agreement.

Leaving significant items out of a contract can bring problems months after the purchase goes through. The payment terms are also another significant aspect of rice purchase. When drafting the agreement, it is essential that both parties know what they get or give at the time of signing and even in the future.

Parties Involved

In drafting a rice purchase agreement, it is necessary to list the parties involved in order to avoid confusion. The buyer and the seller by their address and full name must be listed as well. Even the business affiliation also needs to be included.

In signing the purchase agreement, the signatories must use their titles after their names in order to protect them from such a lawsuit. All of the parties involved and their names must also be included.

Add Every Details of Rice

In the agreement never forget to add all the details of the rice quality. Here are some of the parameters.

1. Name of rice by international standards
2. Type of rice, such as parboiled, half boiled, raw, steam, etc
3. Moisture
4. Broken percentage
5. Color of rice
6. Foreign material percentage (If any)
7. Polish of rice
8. Length and Thickness
9. Packaging
10. Storage duration

Disclosure

A disclosure agreement must be included between parties. This will state that they already have disclosed any of their debts, legal obligations, fines, encumbrances and lawsuits. This will also require the seller/supplier of rice to be responsible for undisclosed liabilities that a buyer has discovered right after the sale. This will also protect the supplier/seller of rice who finances the product.

A statement must also be included from the seller and buyer whereas each of them is legally responsible of the agreement.

Sale/Purchase Terms

In drafting the rice purchase agreement, the process of payment and the date of the payment will also be included. This will also include the payment to be made in installments or what. The payments that will be made by check, cash, electronic transfer or credit card must also be emphasized in the agreement.

If ever a deposit is needed and all other significant details in the payment process, these must also be clearly emphasized. If there are agents or brokers involved in the sale, they must as well be listed. If there are financial companies that facilitate the transaction, they must also be clearly detailed and emphasized.

Also, the ways that the disputes will be handled or adjudicated must also be added.

Signing

All parties (suppliers and buyers) must be required in the sale to date and sign the document. After the agreement has been drafted, an attorney should review it before both parties sign it. They must also sign with their titles and full names. Each party should also be provided with a witness signature. They must also sign several copies in order for them to have an original copy.

The rice purchase agreement must be notarized by a notary public!