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product supply agreement

A product supply agreement is an agreement in which a supplier sells products to a business, and specifies the terms for the transactions, including the price, timing, quantities, delivery, shipping, payment terms, exclusivity, return of defective or nonconforming goods, and return of unsold goods. A supplier may be a distributor, wholesaler, dealer, or merchant.

In North Carolina, a product supply agreement is a legally binding contract between a supplier and a business that outlines the terms and conditions of the sale and purchase of products. These agreements typically cover various aspects such as pricing, order quantities, delivery schedules, shipping logistics, payment terms, and conditions for exclusivity. They also address the handling of defective or nonconforming goods, including returns and replacements, as well as the return of unsold goods. The Uniform Commercial Code (UCC), as adopted by North Carolina, governs transactions involving the sale of goods and would apply to product supply agreements. It is important for such agreements to be detailed and clear to avoid disputes and to ensure that both parties understand their rights and obligations. Businesses should consider consulting with an attorney to draft or review a product supply agreement to ensure it complies with applicable state statutes and federal laws, and adequately protects their interests.

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Business

product supply agreement

Wall Street Quality Legal Services Customized for Main Street Businesses

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Business

product supply agreement

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