paystubmakers.com A purchase agreement is a legal document made between two parties, one of whom (the seller) wants to sell a piece of personal property and the other of whom (the buyer) wishes to purchase it. A purchase agreement is different from a bill of sale, or sales receipt. It is an agreement to enter into a future transaction, specifying what the terms of the transaction are.
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Litigation method of dispute resolution is when the judge or the jury of a state or federal court make final and binding decision on the settlement of a dispute over this agreement.
Arbitration method is when a private and independent arbitrator selected by the parties makes final and binding decision on the settlement of a dispute over this agreement.
Mediation is when an independent mediator selected by the parties makes a nonbinding settlement decision, that parties can contest via litigation or arbitration.
