National Investment Center 
Toledo, Ohio, U.S.A.
Since 1996

Sales Contract: Agreement of Original Transfer of Work of Art


Agreement made as of the _____ day of _______, 20____, between _Agent Kamal Abulayla (herein after referred to as “the seller”), located at _Toledo Ohio U.S.A.
and ______________________________________________________ (herein after referred to as “the buyer”), located at ____________________________________, with respect to the sale of an artwork (herein after referred to as “the Work”).

 

WHEREAS, the Seller has  the Work and has full rights, title, and interest therein; and

WHEREAS, the Seller wishes to sell the Work; and

WHEREAS, the Buyer wishes to purchase it;

NOW THEREFORE, in condition of the foregoing premises and the mutual obligations, covenants, and conditions hereinafter set forth, and other valuable considerations, the parties hereto agree as follows:

 

1. Description of the Work:

 

Title: ___________________________________ Medium: ____________ Size: ___________

Year Created: _______ Framing or mounting: _________ Signed by artist:  Yes       No

 

2.  Sale.  The Seller or his agent hereby agrees to sell the Work to the Buyer/Collector.  Title shall pass to the Buyer/Collector at such time as full payment is received by the Seller or his agent pursuant to Paragraph 4 hereof.

 

3.  Price.  The Buyer agrees to purchase the Work for the agreed upon price of $___________, and shall also pay any sales or transfer taxes if applicable.

 

4.  Payment.  Payment shall be made in full upon the signing of the Agreement.

 

5. Retransfer. If the Buyer in any way whatsoever sells, gives, or trades the Work, if it is inherited from the Buyer, or if a third party pays compensation for its destruction, the Buyer(or the representative of his estate) must notify the Seller within thirty (30) days.

 

6. Transferees Bound. If anyone becomes the new owner of the Work, with notice of this contract, that person shall be bound to all its terms.  

 

7.  Copyright and Reproduction.  The Seller reserves all reproduction rights, including the right to claim statutory copyright, in the Work.  The Work may not be reproduced in any manner without the express, written consent of the Seller. 

 8. if the Buyer (owner) of this painting resell this painting he is obligated to pay the amount of 10% of the deference of selling price (from previous cost and new Sale price ) should be payable to NIC within thirty (30) days

9. Miscellany.  This Agreement constitutes the entire understanding between the parties.  Its terms can be modified only by an instrument in writing signed by both parties.  A waiver of any breach of any of the provisions of the Agreement shall not be construed as a continuing waiver of other breaches of the same or other provisions hereof.  This Agreement shall be governed by the laws of the State of  OHIO, USA.

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date set forth above

 

BUTER / BUYER'S SIGNATURE           _________________________________     

DATE: ______________

 

SELLER or AGENT'S  SIGNATURE         _________________________________     

DATE: ______________