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Purchase Term Sheet
"I need a Purchase Term Sheet for buying manufacturing equipment worth SGD 2.5 million from a Singapore supplier, with specific focus on installation requirements and performance testing before final payment is due in March 2025."
1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the term sheet
4. Purchase Price: Detailed breakdown of pricing, payment terms and schedule
5. Description of Goods: Detailed specification of goods to be purchased
6. Delivery Terms: Timing, location and method of delivery
7. Governing Law: Specification of Singapore law as governing law
1. Conditions Precedent: Conditions that must be met before the purchase becomes binding - used for complex transactions or when regulatory approval is needed
2. Due Diligence: Requirements for investigation of goods or seller - used for high-value purchases or complex goods
3. Warranties: Specific promises about the goods or transaction - used when quality assurance is critical
1. Product Specifications: Detailed technical specifications of goods
2. Pricing Schedule: Detailed breakdown of prices, especially for multiple items
3. Delivery Schedule: Detailed timeline for delivery if multiple shipments
4. Quality Standards: Specific quality requirements and testing procedures
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