The Restaurant Sale Agreement is a vital legal document used in New Zealand when transferring ownership of a restaurant business from one party to another. This agreement is essential for ensuring a smooth and legally compliant transfer of all business aspects, including physical assets, operational licenses, employee contracts, and legal obligations. It must comply with various New Zealand regulations, including the Food Act 2014, Sale and Supply of Alcohol Act 2012, and commercial law requirements. The document is typically used when a restaurant owner wishes to sell their establishment, whether due to retirement, relocation, or other business decisions. It includes detailed provisions for due diligence, payment terms, warranties, and post-sale obligations, while addressing specific hospitality industry requirements such as food safety compliance, liquor licensing, and health regulations.
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1. Parties: Identification of the seller and purchaser, including full legal names and addresses
2. Background: Context of the sale, brief description of the restaurant business, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction, including what is being sold and the agreed purchase price
5. Purchase Price and Payment: Detailed payment terms, including deposit, payment method, and timing
6. Due Diligence: Buyer's right to investigate the business and conditions for due diligence
7. Conditions Precedent: Conditions that must be met before the sale becomes binding
8. Pre-Completion Obligations: Obligations of both parties between signing and completion
9. Completion: Requirements and procedures for closing the sale
10. Assets and Inventory: Details of physical assets, equipment, and inventory included in the sale
11. Licenses and Permits: Transfer of business licenses, food safety certificates, and other permits
12. Employees: Treatment of existing employees and employment arrangements
13. Warranties and Representations: Seller's warranties about the business, assets, and operations
14. Restraint of Trade: Non-compete and non-solicitation provisions
15. Liabilities: Allocation of pre and post-completion liabilities
16. Confidentiality: Protection of confidential information and trade secrets
17. Dispute Resolution: Process for resolving disputes between parties
18. General Provisions: Standard boilerplate clauses including notices, governing law, and assignment
1. Liquor License: Required if the restaurant holds a liquor license, detailing transfer requirements and conditions
2. Lease Assignment: Required if the premises are leased, covering landlord consent and lease transfer terms
3. Training and Handover: Optional section for when the seller agrees to provide operational training to the buyer
4. Intellectual Property: Required if the sale includes valuable IP such as restaurant name, logos, or recipes
5. Third Party Contracts: Required if there are significant supplier or service contracts to be assigned
6. Environmental Compliance: Required if there are specific environmental obligations or concerns
7. Online Presence: Required if the sale includes website, social media accounts, or online ordering systems
1. Schedule 1: Asset Register: Detailed list of all physical assets included in the sale
2. Schedule 2: Inventory List: Current inventory of food, beverages, and supplies
3. Schedule 3: Equipment List: Detailed list of kitchen and restaurant equipment included
4. Schedule 4: Licenses and Permits: List of all business licenses, permits, and certificates
5. Schedule 5: Employee Information: Details of current employees, their roles, and employment terms
6. Schedule 6: Lease Details: Summary of lease terms and conditions (if applicable)
7. Schedule 7: Supplier Contracts: List of existing supplier agreements and terms
8. Schedule 8: Financial Statements: Recent financial statements and trading figures
9. Appendix A: Form of Transfer Documents: Ƶ for various transfer documents required at completion
10. Appendix B: Handover Checklist: Detailed checklist for the business handover process
Authors
Relevant legal definitions
Clauses
Relevant Industries
Hospitality
Food and Beverage
Restaurant Industry
Legal Services
Business Brokerage
Commercial Real Estate
Financial Services
Food Safety and Compliance
Licensing and Regulation
Professional Services
Relevant Teams
Legal
Compliance
Finance
Operations
Risk Management
Commercial
Property Management
Business Development
Mergers and Acquisitions
Administrative
Relevant Roles
Restaurant Owner
Business Broker
Commercial Lawyer
Food Safety Consultant
Compliance Officer
Business Development Manager
Commercial Property Manager
Financial Controller
Operations Manager
Chief Executive Officer
Managing Director
Legal Counsel
Risk Manager
Business Advisor
Licensing Administrator
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