Acknowledgement of Purchase Agreement
ALJASSIMYA ONLINE AUCTION HORSE PURCHASE AGREEMENT
1. Parties
This Purchase Agreement (“Agreement”) is entered into on _______________ 2023 (“Effective Date”), by and between:
AL Jassimya Farm, registered company under number 5000373175, registered in Doha, having its registered address at Ash Shafallahiyah Qatar, info@aljassimyafarm.com (“Seller”); And
______________________________, of __________ nationality, holding of passport number ________________, having its address at ___________________________ and email: ___________________, phone number __________________ ("Buyer").
2. Horse purchased
The Seller hereby agrees to sell and the Buyer hereby agrees to buy, as per the terms and conditions set forth herein along with the terms and conditions of the Auction (as defined in the terms Agreement) the following described purebred Arabian horse ("Horse"):
Details of the Horse:
Name:
Colour:
Date of birth:
Pedigree:
Registered within the Unites States of America (“USA”), arabian Horse society and currently standing at Al Jassimya Farm,100 oaks in California.
The Seller has or will provide registration of the Horse within the registry of the USA, process the ownership change within two (2) weeks of the receipt of the full payment of the purchase price by the Buyer.
3. Purchased price
The total purchase price is equal....................... Unites States Dollars only excluding VAT, to be paid by wire transfer to the following account:
ACCOUNT NAME: AL Jassimya Farm
BANK NAME: Masraf Al Rayan
IBAN: QA90 MAFR 0000 0000 0003 129747 002
BIC: MAFRQAQAXXX
The wire transfer shall reach the bank account of the Seller net of any banking costs.
The payment is intended to be done all in one transfer and have to be fully paid within one (1) week of the Effective Date of this Agreement.
4. Late payment
A late payment fee of two (2%) per week will apply for any late payment, such delay to be up to seven days.
Such late payment fee shall be born and paid by the Buyer to the Seller for any delayed amount seven (7) business days of its due date, without impairing the rights and provisions subject to clause 12 below.
In case of two weeks delay of receipt of the full payment from the Buyer to the Seller, the Seller shall have the right to retain the deposit and shall have the rights to resell the Horse to another client.
5. Property right
The Horse remains under the full property and ownership of the Seller until the purchase price has been paid in full.
6. Delivery
The Seller shall deliver the Horse to the Buyer upon full payment of all amounts as stated under paragraph 3 of this Agreement, at the following address:
The transportation of 'the Horse', has to be organized, born, paid and managed entirely by the Buyer at its sole liability and expenses.
All transport charges, including but not limited to taxes and fees related to the transportation, export, transit, import and customs clearing are to be borne by the Buyer and at its own risk and costs.
7. Board
Boarding fee is zero (0 United States Dollars) up until fourteen days only after the Effective Date.
In case of a successful payment, the Horse must leave the farm in California within a maximum delay of fourteen (14) days after the Effective Date. The Buyer shall solely pay any and all transportation’ costs from AJF in California to any other location of the Buyer. In case of delay, an official written email/notice shall be sent to the online Auction AJF team justifying the reasonable reason of such delay and defining a final timeline for the transportation of the Horse and a delay fee of 500 USD prorate per month will be charged to the Buyer.
8. Disclaimer of warranties
The Buyer acknowledges, understands and agrees that the Buyer is buying the Horses as is. All warranties, expressed or implied, including implied warranties of merchantability and fitness for a particular purpose, are hereby irrevocably disclaimed.
9. Risk of accident or loss
On the Effective Date, all risks of loss of the Horses, including but without limitation, loss due to injury, illness or death, shall be borne exclusively by the Buyer. The mare can be insured directly by the Buyer at the Buyer costs if desired.
10.Taxes and fees
Taxes or any other fees that might be added upon the purchase price by the country of the Seller (Qatar) are to be paid by the Seller. Taxes or any other fees that might be added upon the purchase price by the country of the Buyer or during transit are to be paid by the Buyer.
11.Warranty of health
The Seller warrants that the Horse is currently healthy. No vet check is provided by the Seller. The Buyer has the right to request a vet check at his own costs.
12.Events of default
For the purposes of this Agreement an event of default shall mean:
(a) the failure of the Buyer to make payment of the purchase price according to the terms hereof.
(b) the failure of the Seller or the Buyer to perform, or the breach by the Seller or the Buyer, of any of the terms of this Agreement.
13.Consequences of default
Upon the occurrence of an event of default, under paragraph 12 hereof, the Seller may, in addition to any other right it may have under the Qatari law, terminate this Agreement with immediate effect, and without compensation.
14.Entire Agreement and severability
This Agreement contain the entire understanding of the parties concerning its subject matter and there are no oral or written promises or representations upon which Buyer is relying except as set forth herein.
15.Notices
All notices and communications required under this Agreement shall be deemed effective if made in writing, and delivered by registered mail or by whatssapp message, to the address of the recipients set forth in the first paragraph hereof.
16.Applicable law
This agreement shall be construed in accordance with and governed by the laws of Qatar and Qatari courts shall be solely competent.
17.Confidentiality
The Buyer shall keep all confidential information related to this Agreement, negotiation and transaction strictly confidential.
In witness whereof, Seller and Buyer have read and accepted the terms of this Agreement and duly executed it on the Effective Date, in 2 copies, 1 for each party (or in counterparts).
The Buyer: The Seller:
Name: ............. Al Jassimya Farm