The Purchase Sale Agreement is a fundamental commercial contract used in Ireland to document and formalize the sale of assets, goods, or property between parties. It is essential for both business-to-business and business-to-consumer transactions where a formal record of the sale terms is required. The agreement typically includes detailed provisions covering the nature of the assets being sold, purchase price, payment mechanisms, warranties, representations, and completion procedures. It ensures compliance with Irish legal requirements, including the Sale of Goods Act, consumer protection laws, and relevant commercial regulations. This document is particularly important for significant transactions where parties need clear documentation of their rights, obligations, and the specific terms of the sale.
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1. Parties: Identifies and provides full legal details of the seller and purchaser
2. Background: Sets out the context of the agreement and basic transaction structure
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Sale and Purchase: Core provision setting out the basic agreement to sell and purchase the subject matter
5. Purchase Price: Specifies the purchase price, payment terms, and payment mechanics
6. Conditions Precedent: Lists any conditions that must be satisfied before completion
7. Completion: Details of when, where and how completion will take place
8. Seller's Warranties: Warranties given by the seller regarding the assets being sold
9. Purchaser's Warranties: Basic warranties from the purchaser, typically regarding capacity and authority
10. Limitations on Claims: Limitations on warranty claims and procedure for making claims
11. Confidentiality: Obligations regarding confidential information
12. Announcements: Provisions regarding public announcements about the transaction
13. Notices: Procedure for giving formal notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, entire agreement, etc.
15. Execution: Signature blocks and execution formalities
1. Tax Covenants: Required when specific tax arrangements or indemnities need to be addressed
2. Employment Provisions: Needed when the sale involves transfer of employees
3. Intellectual Property: Required when IP rights are being transferred as part of the sale
4. Data Protection: Needed when personal data is involved in the transaction
5. Environmental Matters: Required for sales involving property or businesses with environmental considerations
6. Post-Completion Obligations: Used when there are specific actions required after completion
7. Non-Competition: Required when restrictions on future business activities are needed
8. Transitional Services: Needed when seller will provide services to buyer post-completion
1. Schedule 1 - Assets: Detailed list and description of assets being sold
2. Schedule 2 - Properties: Details of any real property included in the sale
3. Schedule 3 - Intellectual Property: List of IP rights included in the sale
4. Schedule 4 - Employees: Details of employees transferring with the business
5. Schedule 5 - Contracts: List of contracts being transferred or assigned
6. Schedule 6 - Warranties: Detailed warranties given by the seller
7. Schedule 7 - Tax Covenant: Detailed tax indemnities and provisions
8. Schedule 8 - Completion Obligations: Detailed list of completion deliverables
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