At LegalOn, we are proud to announce the addition of Manufacturing and Supply Agreement and Purchase of Goods Agreement to our AI-powered contract review platform. These new contract types are tailored to meet the specific needs of industries reliant on manufacturing, supply chains, and single-purchase transactions. As the 13th and 14th contract types on our platform, they join the:
Key to manufacturing, technology, and other industry sectors involving research and development, the MAS is specifically geared toward situations where a buyer has an ongoing business relationship with the manufacturer of products supplied to the buyer. This agreement type is ideal for situations in which the buyer cannot purchase off-the-shelf products, but must instead have bespoke products manufactured in accordance with detailed specifications and quality standards. The MAS typically includes terms relating to the quantity, quality, and price of the products, the timeline for delivery, payment terms, intellectual property rights, and provisions dealing with issues such as warranties, liability, dispute resolution, and termination of the agreement.
This agreement is particularly useful in the electronics, automotive, and retail industries. This type of agreement is specifically tailored for instances where a buyer intends to purchase a specific quantity of goods on a one-time basis, and does not contemplate future transactions or recurring orders. It is designed to be comprehensive and self-contained, addressing all aspects of the single transaction it covers.This specificity and limitation to a single transaction makes it distinct and more straightforward compared to more complex, ongoing contractual relationships such as in a PSA or MAS.
Our AI-powered platform is designed for immediate usability. With these two new additions, LegalOn further enhances legal teams' ability to efficiently review a large volume of contracts. Our platform offers intelligent alerts and actionable guidance, tailored to the nuances of each contract type. This enables you to turn around contracts faster.
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