A contract of sale, also known as a contract for the sale of goods, is a written document between a buyer who wishes to purchase goods and a seller who owns and wishes to sell those goods. In general, goods are something you can use or consume that is mobile at the time of sale, including watches, clothing, books, toys, furniture and cars. (12) In the event of any dispute or dispute between the parties arising out of or in connection with this Act, this Act shall be referred to arbitration by a joint arbitrator, if agreed, failing that, to two arbitrators to be appointed by each party to the arbitration. These arbitrators appoint a presiding arbitrator and the arbitration is governed by the Arbitration Act, 1996 or by an amendment to the Act. Warranties are legally enforceable commitments or warranties that assure the buyer that certain facts or conditions regarding the goods are accurate. According to the Commercial Uniform (UCC), there are two types of warranties – explicit warranties and implied warranties. 6. After shipping these goods, the seller must send to his banker in the Indian port all the necessary documents, including the contract of carriage, insurance policy, invoice, bills of lading, etc. Implied Warranties: An implied warranty is an unwritten promise that the goods purchased meet a minimum level of quality. Essentially, these are automatic guarantees that buyers receive when they buy goods from a trader….