Sale of Business Contract
I. Parties:
This Sale and Purchase Agreement (hereinafter referred to as the "Agreement") is made and entered into this [Effective Date], by and between: [Your Company Name], hereafter referred to as "Seller," and [Buyer's Name], hereinafter referred to as "Buyer".
II. Background:
Whereas, the Seller owns and operates a manufacturing business and wishes to sell its business operations and assets due to financial challenges; whereas, the Buyer is interested in acquiring these operations and assets. Now, therefore, in consideration of the mutual covenants herein contained, the parties agree as follows:
A. Purchase and Sale:
Subject to the terms and conditions of this Agreement, the Seller agrees to sell, assign, transfer, and deliver to the Buyer, and the Buyer agrees to purchase and accept from the Seller all of the Seller's rights, title, and interest in and to the assets, properties, and business operations of the Seller as of the closing date.
B. Purchase Price and Payment:
The purchase price for the Assets shall be [Purchase Price]. Upon execution of this Agreement, the Buyer agrees to pay [Deposit Amount] as a deposit. The remainder shall be payable on [Payment Date].
C. Assumed Liabilities:
The Buyer shall assume and agree to pay, perform, and discharge all liabilities and obligations of the Seller associated with the assets and business operations being purchased hereunder.
D. Transfer of Intellectual Property:
All intellectual property rights related to the business of the Seller shall be transferred to the Buyer upon execution of this Agreement.
E. Warranties and Representations:
The Seller provides warranties and representations related to the assets, legal compliance, financial statements, absence of pending lawsuits, and other matters as of the date of this Agreement.
F. Indemnification:
The Seller shall indemnify and hold harmless the Buyer from and against all damages, losses, claims, or liabilities that arise from the operation of the business before the closing date of this Agreement.
G. Governing Law:
This Agreement shall be governed by and construed by the laws of [Governing Law].
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[Seller's Name]
[Date Signed]
[Buyer’s Name]
[Date Signed]
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