The phrase terms of sale refers to the specific details associated with a sales agreement. When one makes a purchase, especially a huge one such as property, a contract is usually part of the transaction. This is called a sales contract. The details that are specified in the sales contract are what comprise the terms of sale.
The exact details included in the terms of sale will vary depending on the seller, the buyer, and the product or service that is being sold. What is important to remember is that a sales contract is legally binding, so once you sign it, you are signifying that you agree to everything that is written in the terms of sale. It is thus vital that you go over the terms of sale very thoroughly before you sign anything. Otherwise, you might be in for a surprise or two later down the road.
There are some elements commonly found in the terms of sale. One common element is a section that gives the description of the product or the service being sold. In addition this, you will also normally find details such as how and when the product is going to be delivered, and if this will cost the buyer anything. The mode of payment is also included in the terms of sale. For example, this section may include the down payment – when and how much, the monthly payments, and so on.
Other important details included in the terms of sale are the policies on returning and exchanging products. If you are the buyer, you will definitely want to know what your rights are in this regard.