According to the analysis of IBISWorld, the wholesale trade’s growth from 2015-2020 is only -0.5%. Although the growth is minimal, there are still a lot of companies willing to open a business and serve in the method of wholesale trading. So, if you are one of those, or are planning to negotiate with a wholesale goods provider, then you should have a well-written wholesale agreement.
FREE 10+ Wholesale Agreement Samples
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What Is a Wholesale Agreement?
A wholesale agreement is a document that wholesale business owners and buyers will sign to start a business transaction. The agreement’s purpose is to lay out the terms and conditions that the involved parties will agree on. It will also state the general rules that the buyer will need to follow, such as ordering ahead of time and how to send the payments.
How to Make a Wholesale Agreement
The United States Census Bureau posted in their monthly wholesale trade report the survey that shows the 0.3% increase from March 2020 to April 2020. The study was adjusted based on the seasonal differences, specifically due to Covid-19 and some business sectors’ limited operations. Nonetheless, growth is evident. So, don’t waste any more time and start creating the agreement for your wholesale trading business with the following tips below now:
1. Communicate with the Other Parties
Be it you’re the buyer or the wholesale business owner; you have to communicate and negotiate with the other involved parties before beginning to create the agreement. Of course, when you meet, take note of every concern, question, and issues discussed so you can address it all in the agreement that you’ll be making.
2. Define and Use Common Language
Every legal agreement requires a good set of definition of its every term or word used in it. So, define the terms and state the definitions in the first part of the agreement. Also, make sure that you are using common language and not jargon or those that have dual meanings. Doing this will help avoid confusion of what you want the other involved parties to know.
3. Specify and Include Details
In every agreement form for business transactions, you have to be specific. In particular, you have to specify the agreed minimum order value or quantity, the terms of sale and shipment, as well as the process of ordering.
4. Indicate the Price
There are various pricing discussions to state in a wholesale agreement, such as the product’s suggested retail price, wholesale price, pricing tier, and even the shipping price. So, indicate all the prices that the other involved parties have to know, and make sure to add descriptions and explanations with it. If you want to specify pricing limitations, then state it in the agreement, too.
5. List the Policies
Of course, when one signs a contract or an agreement, he is obliged to follow the policies written in it. And when it comes to wholesale agreements, the policies that you can include would be exclusivity policies, liability policies>, and even a confidentiality policy. Along with each policy would be the penalty, such as a breach of contract, or the termination of the agreement terms.
6. State the Dues, Schedules, and Deadlines
As part of the financial responsibilities of the involved parties, they should also meet the schedule. For instance, if you are the buyer, then you have to provide the payments for your orders on time, and if you’re the wholesale business owner, then you need to send licensing payments to the authorized agency before the due date. Both parties have schedules to follow and adhere, so make it clear in the agreement.
How important is making a wholesale agreement?
Making a wholesale agreement is very important or essential for anyone thriving in the wholesale trading industry. The agreement form will serve as a written guideline for the involved parties. It will also be a tool for ensuring that both parties’ liabilities are clear and that the entire business agreement will be legally acknowledged by the governing state and law when issues will arise.
Do I have to notarize a wholesale agreement to make it legally binding?
It depends on the involved parties, the state, and the laws regulating the agreement’s legality. Just keep in mind that a notarized wholesale agreement will only prove that the named parties of the agreement have physically arrived and signed the agreement in front of the presence of a notary public. Nonetheless, signed or unsigned, agreements are legally binding in general.
What can I do if I want to add more rules or inclusions in the wholesale agreement that’s already signed?
The first step that you should take is to inform the other parties involved in the agreement about your concerns and issues. And then, if they agree, or if negotiation is finalized and your business agreement >proposal gets the overall approval, you can proceed to make an addendum for the agreement. The addendum will serve as proof that there are new agreement terms or details, but the original or master agreement will still remain to be implemented.
Wholesale agreements guide buyers, sellers, and wholesale business owners. Without these agreements, the involved parties will be operating their business blindly and will welcome a lot of errors and the possibility of a legal dispute. But, wholesale agreements can also be difficult to make from scratch, unless of course, you use our free agreement templates and samples above. What are you waiting for? Lookup which among the free downloadable sample forms and templates you can use now!
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