The sales and purchase agreement (SPA), once signed, is a legally binding document initiated by the seller that obligates a transaction between buyer and seller. The mutual agreement consists of an offer, an acceptance confirmation and sufficient consideration for both parties. The finalized contract may also include a detailed statement of work (SOW) and the terms and conditions (T&C) that are applicable to the agreement.
Note: An SPA can also be referred to as a PSA: purchase and sales agreement. Both terms mean the exact same document and follow the same procedures.
Turn negotiation into collaboration for a win-win situation
Creating an SPA that both parties are satisfied with can be a lengthy process, involving several rounds of talks and subsequent adjustments. These negotiations involve many stakeholders who are briefed through text, email, meetings and phone calls. Inevitably leading to multiple versions of the original document – multiplying the risks of miscommunication and something going wrong.
There is a better way of handling this (often informal and hectic) process – and unsurprisingly it is through digitalization. Pushing a process like the one above online helps formalize what needs to happen when and by whom. Additionally, with use of the right software, automation can be a helpful companion in keeping everyone informed while simultaneously keeping each SPA on track and on schedule.
With solutions like Documill’s Leap and Dynamo, a great advantage is that each document-creation process, no matter how complicated, can be templated and re-used. This means that your next SPA is going to be at least as good as your previous one.
- Use Documill Leap to turn negotiation into collaboration
- No more confusion: Keep everyone’s document changes, comments in context, in a single document.
- Let the project manage itself. See status updates and who’s doing what while automation takes care of running the project.
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