Contract Glossary

Bill of Sale

Definition

A document that records the transfer of ownership of goods from a seller to a buyer. It's proof that the sale happened, what was sold, and for how much. Think of it as a receipt on steroids.

In Practice

You're buying a used laptop, a piece of equipment, or business assets from another company. A bill of sale documents exactly what was transferred, the condition of the items, the purchase price, and any warranties. Without one, proving ownership in a dispute is much harder. They're especially important for vehicles, business equipment, and bulk inventory purchases.