oofoftheagreementandasthebasisforitsexecution.Asalesorpurchaseconfirmationislessdetailedthanacontract,coveringonlytheessentialtermsofthetransaction.Itisusuallyusedforsmallerdealsorbetweenfamiliartradepartners.4Thesettingupofacontractissimilartothatofatradeagreementoranyothertypeofformalagreements.Itgenerallycontains:1)thetitle.Thetypeofthecontractisindicatedinthetitle;2)thecontractproper.Itisthemainpartofacontract;3)thesignatureofthecontractingpartiesindicatingtheirstatusasthesellerorthebuyer;4)thestipulationsonthebackofthecontractandareequallybindinguponthecontractingparties.5Itgenerallycontainsthetimeofshipment,themodeofpaymentdescribedinadditiontoanexactdescriptionofthegoodsincludingthequantity,quality,specifications,packingmethods,modityinspection,claims,arbitrationandforcemajeure,etc.
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