This sale of business agreement will be used for the sale and purchase of an existing business by way of the sale of the business assets or shares. A sale of shares will give the purchaser an entitlement to the profits of the business equal to the shares owned. When the assets are purchased this will usually include the business property, resources and contracts and other items shown on an inventory but the business entity will remain owned by the seller.
The Agreement includes terms dealing with
- Details of the parties
- Details of the business being sold
- Payment terms
- Non-solicitation and non-competition clauses.
- Clauses and warranties
- Assumed liabilities
- Representations and warranties
- Resolving disputes