The Business Sales Agreement Form is essential for any business sale transaction in England and Wales. It serves as the primary contract documenting the transfer of business ownership, whether through asset or share sale. This agreement is crucial for protecting both parties' interests, ensuring legal compliance, and clearly defining the terms of the transaction. It includes detailed provisions covering purchase price, assets, liabilities, warranties, employee transfers, and post-completion obligations. The document must comply with various UK legislation including the Companies Act 2006 and TUPE regulations.
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1. Parties: Identification and details of buyer and seller
2. Background: Context of the sale and brief description of the business
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including assets/shares being sold
5. Purchase Price: Consideration and payment terms
6. Completion: Timing and mechanics of completion
7. Warranties: Seller's warranties about the business
8. Limitations on Claims: Restrictions on warranty claims
1. Post-Completion Obligations: Additional terms covering ongoing commitments after completion, used in complex transactions with continuing obligations
2. Non-Competition: Restrictions on seller's future business activities, used when protecting goodwill is crucial
3. Employee Matters: TUPE and employment provisions, used when employees are transferring as part of the business sale
1. Asset Register: Detailed list of assets being transferred
2. Properties: Details of any real estate included in sale
3. Intellectual Property: List of IP rights being transferred
4. Employee Information: Details of transferring employees
5. Warranties: Detailed warranties about the business
6. Completion Obligations: Documents and actions required at completion
Relevant legal definitions
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