The Sold As Is Contract is a crucial legal document used in New Zealand for transactions where goods or property are being sold in their current condition without substantial warranties or guarantees beyond those required by law. This document is particularly valuable when selling used items, pre-owned equipment, or property that may have known or unknown defects. The contract explicitly outlines the "as is" nature of the sale, ensuring both parties understand that the buyer accepts the item in its current state. It includes essential provisions to comply with New Zealand legislation, including the Fair Trading Act 1986 and the Consumer Guarantees Act 1993, while providing clear documentation of the asset's condition, any known defects, and the terms of sale. This type of agreement is commonly used in both commercial and private sales to minimize post-sale disputes and clearly establish the expectations and obligations of both parties.
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1. Parties: Identifies and defines the seller and buyer with their full legal names and addresses
2. Background: Explains the context of the sale and acknowledges that the buyer is purchasing the item in its current condition
3. Definitions: Defines key terms used throughout the agreement, including 'as is' and what it means in this context
4. Sale and Purchase: Specifies the asset being sold and the purchase price
5. As Is Condition: Explicitly states that the asset is being sold 'as is' with all faults and defects, known and unknown
6. Buyer Acknowledgments: Statements confirming the buyer has inspected the asset and accepts its current condition
7. Disclaimer of Warranties: Details which warranties and guarantees are excluded, subject to New Zealand law
8. Payment Terms: Specifies the purchase price, payment method, and timing
9. Risk and Title: Specifies when risk and title pass to the buyer
10. Governing Law: Confirms the agreement is governed by New Zealand law
11. Execution: Signature blocks and execution details
1. Delivery: Include when the seller is responsible for delivering the asset to the buyer
2. Known Defects: Include when there are specific known defects that should be disclosed
3. Inspection Period: Include when the buyer is given a specific period to inspect the asset before finalizing the purchase
4. Third-Party Claims: Include when addressing potential third-party claims or liens on the asset
5. Regulatory Compliance: Include when the asset requires specific regulatory compliance or permits
6. Insurance: Include when specific insurance requirements need to be addressed during the transfer period
7. Dispute Resolution: Include when specific dispute resolution procedures are desired beyond standard legal remedies
1. Asset Description: Detailed description of the asset being sold, including specifications, age, and condition
2. Known Defects Schedule: List of all known defects, damage, or issues with the asset
3. Inspection Report: Any pre-sale inspection reports or condition assessments
4. Photographs: Visual documentation of the asset's condition at the time of sale
5. Maintenance Records: Historical maintenance and repair records, if available
6. Excluded Items: List of any components or items specifically excluded from the sale
7. Required Disclosures: Any mandatory disclosures required under New Zealand law
Authors
Relevant legal definitions
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Relevant Industries
Real Estate
Automotive
Manufacturing
Retail
Agriculture
Construction
Marine
Aviation
Industrial Equipment
Antiques and Collectibles
Technology and Electronics
Heavy Machinery
Relevant Teams
Legal
Procurement
Sales
Operations
Risk Management
Compliance
Asset Management
Commercial
Property Management
Fleet Management
Relevant Roles
Sales Manager
Procurement Manager
Business Owner
Legal Counsel
Contract Administrator
Asset Manager
Operations Manager
Risk Manager
Compliance Officer
Property Manager
Fleet Manager
Equipment Manager
Business Development Manager
Commercial Director
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