Equipment Bill of Sale Templates available in Word, pdf format:

Are you looking for the free-of-cost and downloadable Equipment Bill of Sale template? Then you are at the right place. We provide you with the well-designed equipment bill of templates available in word and pdf format. Just hit the download button to use the best templates from our collection.

What is the Equipment Bill of Sale?

Bill of sale actually means a document that records that ownership of the good is transferred to the buyer of that good. It can be used in many ways like you can use the bill of sale while selling an item, giving a gift, or other such tasks. So the term “Equipment Bill of Sale” means a document that is issued when a person buys a piece of equipment. For instance, when equipment like general household items, office equipment like stationery, computers, and other electronic information is sold you need to issue an equipment bill of sale.

Equipment Bill of Sale Template

Significance of Equipment Bill of Sale:

• Equipment Bill of Sale is issued when you buy an item or property just to ensure that legally you are the now owner of that specific bought item and have been transferred the rights of the asset.
• It is a shred of legal evidence that depicts that proper transaction according to the requirement has been paid that includes General Sales Tax.
• Equipment Bill of Sale can be electronically or manually generated as per your requirements.
• It can be designed to be complex or simple depending on the situation or transaction.
• Equipment Bill of Sale must be received at the time of the sale to avoid complexity in the future.
• Equipment Bill of Sale is a record that you have bought equipment. It helps you if you ever want to refund or change an item within the period fixed by the seller.

How is Equipment Bill of Sale used?

      As discussed above it is used as the record of the buying and selling process between two parties. It can be considered as a purchase receipt in general as a purchase receipt is also used to list the purchased item along with its price. Let’s take an example a person named John wishes to buy goods for his newly started company from a wholesale dealer named William. John visits William and orders to provide forty computers, three printers, and other electronic devices. William deals to sell these items with a total bill of $40,000. They both sign a contract that provided equipment will be new and of high quality. On July 15, 2021, he sells these items to him and generates an equipment bill of sale. After some weeks John feels that the equipment provided is used before and pirated. He claims that William has not complied with the contract; he visits William and explains the situation. He also claims payback of money William has charged but William refuses to meet his terms. He claims that he has not done any business with him. In such a situation, John can take legal action against him. Equipment Bill of Sale will be reasonable proof of the trade of equipment.

However, if the equipment bill of sale is an absolute bill of sale then it does not provide any security but is a mere receipt. It will not help you in any legal clashes. If your equipment bill of sale is conditional, in that case, it is of worthy credence and legally recognized.

What should the Equipment bill of sale consist of?

Information of the buyer and seller:

    The first foremost important detail that should be included in the Equipment Bill of Sale is the information of the one who is selling the equipment and the information of the seller. This template must be composed in a way that it should include the contact details of the seller along with the company that is selling goods. Contact details may include a phone number, e-mail, and address of the company. You can also include the contact details of the one who is issued the equipment bill of sale.

Description of the product sold:

    Next, you need to enter the product details. You can mention the name of the equipment, model of the product, Serial Number, date when the product is sold and the price paid for the equipment. These are important things to mention so that confusion can be avoided. You can also include additional information like how the payment is made, the warranty period for the equipment, and warranty terms and condition.

Signature Area:

   You need to add the signature area in the template while you are designing it. The function of a signature is to affix to a document by a unique personal identification of the person as evidence of the person’s witness and certification. In the equipment bill of sale, it is the most important part that is proof that both parties have agreed to terms and conditions, and agreed that the details entered are correct as per his knowledge. Add the names at the end of the document followed by the signature area. Then add the date field where you can write the exact details when the signatures are affixed by the buyer and seller.

Witnesses:

    Another important component of the contract between two or more parties is the witness. Witness of worthy credence must be present at the time of the agreement. Be sure to mention their names and signature in the respective places. Witnesses can be from both sides so that they can help while any legal matter.

Steps to finalize the agreement:

You must follow these steps before making any agreement regarding the purchase of the equipment or products.

• Before purchasing any equipment you need to ensure the authenticity of the seller, his company, and the equipment. To check the authenticity of the seller, check his records, his tax records, and whether it is the registered company or not. Then, Check the equipment serial number against the production company production record.

• Once you have verified that the company is of worthy credence, you can initiate the agreement. The equipment that you have ordered may be delivered to you. Before doing any things, inspect the keenly. Take the help of expert technicians in this regard. You can even cancel the agreement before payment at this point if there is any faulty equipment handed or re-order it.

• Once these steps have been performed then finalize the agreement. If you are buying or selling through an internet market places then make sure that payment is made through cash to avoid scams because in this marketplace you are more liable to scams.

You can download the free Equipment Bill of Sale template available in word and pdf format. Customize it accordingly and the template is ready to use.