When exchanging goods and equipment, having written documentation is essential. Apart from proving ownership, written documentation also emphasizes relinquished responsibility for the item sold.
This is why most people opt to use an equipment bill of sale. It is a document that testifies the transaction. It shows that the ownership has passed to the buyer in exchange for the already set price.
Well, you may create a bill of sale for business from scratch. However, it will consume a lot of your time and effort. Luckily, you can make work easier by using an equipment bill of sale template via online platforms like CocoDoc.
What is the Equipment Bill of Sale?
The equipment bill of sale is a document you need to prove evidence in purchasing or selling any valuable piece of equipment. It is a general-use document that acts as the receipt for the purchase. Moreover, it works as a legal document governing the transaction.
With the bill of sale for equipment, the equipment is described in detail. The price and date of payment are also mentioned. This helps both the seller and buyer avoid any future misunderstandings.
You can use the equipment bill of sale form for general transactions involving the sale of:
- Office equipment like printers, projectors, and computers
- Kitchen equipment and appliances, especially for professional kitchens
- Entertainment equipment for sound and light systems, musical instruments, and even displays
- Home appliances like refrigerators, dishwashers, stoves/ovens, etc.
- Outdoor equipment like lawnmowers, outdoor grills, and all types of tools
- Power tools like generators, compressors, hand tools, and storage solutions
Essential Information on the Equipment Bill of Sale
Both the seller and the buyer have the task of providing relevant information about the transaction. Here are some essential details that should feature in any Equipment Bill of Sale:
- Legal names and addresses of both the seller and the buyer
- Signatures of both the buyer and seller
- The make, model, year, and serial number of the equipment
- The agreed price. The amounts should be both in words and in numerals
- The payment date and details on the mode of payment
- The size, design, features, and any other relevant information that identifies the equipment
- The date, names, and signature of all parties involved, including witnesses
- Original or previous owner
- Warranty if applicable
- As-is-clause to indicate the buyer will purchase the equipment in its current condition.
- Disclosure of any faults the equipment may have
The buyer must read and understand the terms and conditions of the sale before signing the document.
How to Use an Equipment Bill of Sale?
So, how do you use the equipment bill of sale form to your advantage? Here is how.
Confirming the Authenticity
As a buyer, before agreeing to purchase, you might want to ensure the equipment's authenticity. With the serial number, you can call the equipment manufacturer to see if it matches a record.
Testing for the Functionality of the Equipment
The next thing is to find out if the equipment works properly. A good test run can confirm this. If the equipment is expensive or includes complex machinery, it is advisable to involve an expert.
Although this can be pretty costly, knowing that the equipment has some damage can save you money.
Completing the Sale
If you are buying on a website, it is best to consider cash as a payment option. This lessens the risk of being scammed. Let the form accompany you during the sale and have another copy for the buyer.
How to Write an Equipment Bill of Sale?
The equipment bill of sale pdf is available for online filling. All you will need is an internet-enabled device and some internet connectivity, and that’s it.
To access it, proceed to the CocoDoc website and navigate to the ‘Templates’ section. Once here, navigate to the ‘Bill of Sales.’
Check for the equipment bill of sale template and click on the ‘Use Forms’ icon to view it in a fillable format.
Read through the template and then fill in the blank spaces using CocoDoc's editor. Send the form’s link to the buyer to fill in their details and sign. Once they have filled their part and signed it, CocoDoc will notify you.
Proceed to sign your part and save the form. You can then print to have a hardcopy of the document for later use.
In conclusion, the bill of sale for equipment is a heavily used document. If you want to avoid misunderstandings and any future conflicts, the equipment bill of sale is the way to go. It keeps each and everything in an organized manner.
The document, however, has to be carefully drafted so that it captures all the necessary information. The ownership has to be clearly stated, as well as the serial number and the price.
To make sure your document is well-written, use the equipment bill of sale template created by CocoDoc.
Equipment Bill of Sale FAQ
What are general types of equipment?
General equipment types include home appliances, outdoor equipment, and power tools like generators and power saws. Besides, audio-visual equipment like receivers and staging equipment can also be referred to as general equipment types.
Does all Equipment Require a Bill of Sale?
Not all equipment requires a bill of sale. However, utilizing one to transcribe the arrangement is wise. When you transfer anything that involves a high price, it doesn't hurt to take extra precautions.
What are serial numbers?
A serial number is used to identify a specific piece of equipment from all other pieces of equipment. It would be best to look out for the serial number of the equipment in the equipment bill of sale.
If I sell the goods "as-is without any warranties," what are my liabilities to the purchaser?
“As-is without any warranties” is a term that means the seller is not guaranteeing the quality of the product to the buyer.
As a seller, you are not liable for any imperfections or flaws in the goods. However, this is only provided if you do not hide information about the existence of those flaws.