Business Sale Agreement
Business Sale Agreements drafted or reviewed by our specialist lawyers
A Business Sale Agreement is the contract document that sets out the terms of sale of a business to another. It clearly defines the terms of sale, and makes the sale of the business legally binding. In the sale of small to medium sized businesses, the business sale agreement will be the concise document that defines the terms and conditions of the sale.
Often, buying or selling a business will come in the form of a boiler-plate agreement, with many clauses that don’t need modifying. However it is important that the finalised agreement includes everything that has been negotiated and agreed to in discussions, meetings, emails etc leading up to the sale.
A Business Sales Agreement should consider the follow areas:
- Transfer of ownership of assets
- Specific assets to be transferred
- Intellectual Property
- Relevant warranties; and
- Restraint clause
There are a number of issues to consider in the sale or purchase of the business. The value and types of assets held by the business, profits per financial year, the valuation method, and potential for business growth.
Whether you are buying or selling a business, it is important to have a business lawyer review the document, as well as the sale / purchase process overall. A lawyer will make sure you are aware of all the legal implications in the agreement, and will provide advice on the best ways to make sure that the agreement is performed. In the event the agreement is breached, a lawyer will be able to advise.
If you are buying or selling a business and need a business lawyer for the process, contact us for a fixed fee quote.
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