purchase agreement

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Noun1.purchase agreement - a contract stating the terms of a purchasepurchase agreement - a contract stating the terms of a purchase
contract - a binding agreement between two or more persons that is enforceable by law
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While there are undoubtedly examples of over-zealous buyers giving in to a seller's draft agreement simply to win the deal, purchase agreements still tend to contain many of the provisions that buyers typically seek: comprehensive representations and warranties, purchase price adjustments and indemnification rights--sellers are not walking away with premium prices without standing behind their businesses.
Once potential liabilities and similar issues are identified, the purchaser must ensure that the purchase agreements are drafted to insulate the purchaser from these liabilities.