This Credit Purchase Agreement (the “Purchase Agreement”) is made this 26 day of November, 2020,
BETWEEN: BMSOFA DESIGNS & GENERAL DELEARS (the "Seller) of PO Box 1212,
Mzuzu located at Lusangazi near road block and under immigration offices opposite Lilongwe dairies.
AND: YOU (the "Purchaser"), an individual with his main address located at OR a company organized with its head office at your location.
The purpose of this agreement is to establish the terms and conditions for the purchase and transfer of credits under BMSOFA DESIGNS credit sale systems.
Whereas the Seller owns all the issued Sofa sets of BM SOFA DESIGNS & GENERAL DEALERS
It is agreed as follows:
The Purchaser agrees to buy and the Seller agrees to sell to the Purchaser the Sofa set owned by the Seller (BM SOFA DESIGNS)
2. PURCHASE PRICE
The purchase price payable for the Sofa is the total of the amounts allocated among the Sofas as follows:
For all the Premier Sofa sets K1,600,000.00
For all the Classic Sofa sets K 850,000.00
For all the Executive Sofa sets K 400,000.00
3. TERMS OF PAYMENT
The Seller acknowledges receiving a cheque of 40% from the Purchaser on execution of this agreement to be held by the Seller as a deposit on account of the purchase price of the Sofa set and as security for the Purchaser's due performance of this agreement.
Within 7 days from receipt of the 40% of the purchase price the seller shall deliver the sofa set to the buyer, along with other documents as may be necessary to effect the transfer of Sofa set.
It is understood and agreed that the purchase price of the Sofa set is based on the financial position of the purchaser shown in the bank statement by the bank or the employer should guarantee that the purchaser will manage to pay within he specified period
The purchaser shall make all payments through the bank then bring the bank deposit slip to the office.
4. CONDITIONS AND GUARANTEES
In addition to anything else in this agreement, the following are conditions of completing this agreement in favor of the Purchaser/Seller:
That the Seller owns the sofa set in the possession of the buyer until the cost of sofa set is fully paid.
That the Sofa set is sold free and clear of all liens, encumbrances and charges;
The Purchaser shall pay the balance of the purchase price of the Sofa set within five months. The payment is expected to be one before 30th of each month; grace period shall be given upon request up to 5th of the other month.
Failing to pay the balance within specified period shall attract interest charge of 5% on each day the sofa was used following withdrawal of the chair from the purchaser.
That any consent required for the transfer of the Sofa set in accordance with the Purchaser's direction is given;
That the Seller gives the Purchaser and all duly authorized representatives of the Purchaser full and complete access during normal business hours to the business premises for the purpose of consulting.
That the Seller shall not issue any receipt for any such amounts paid, the receipt shall be issued on the day the final installment is made. The purchaser shall merely sign in the payment schedule.
The Purchaser agrees that, unless and until the purchase of the Sofa set contemplated in this agreement is completed, the seller owns the sofa set.
Defects and Remedies the seller shall give 30days guarantee, if the purchase contemplated herein is not consummated because of the defects by the seller, and then the purchaser shall report within 30days after the purchase. The seller shall rectify the defect. After elapse of 30days given the seller shall not be liable for any defect on the sofa set.
That the Purchaser possesses the sofa set but owns it after all outstanding payments are fully paid-up.
5. CLOSING DATE
The purchase and sale in this agreement shall close on ……………………….
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