The Cross Purchase Buy-Sell Agreement serves as a critical business succession planning tool in the UAE business environment, providing a structured mechanism for ownership transitions in closely-held businesses. This document becomes essential when multiple shareholders or business owners wish to maintain control over who owns the business while ensuring fair treatment and clear procedures for ownership transfers. The agreement must comply with UAE Federal Law No. 32 of 2021 and other relevant regulations, including Sharia principles where applicable. It typically includes detailed provisions for valuation methods, funding mechanisms (often through life insurance), trigger events, and specific procedures for executing the purchase and sale of ownership interests. The agreement is particularly important in the UAE context where business ownership transfers must navigate both federal and emirate-specific regulations, as well as free zone requirements where applicable.
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1. Parties: Identification of all shareholders/business owners entering into the agreement
2. Background: Context of the business, existing ownership structure, and purpose of the agreement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Purchase Obligation: Core obligations of surviving/remaining owners to purchase shares upon trigger events
5. Trigger Events: Specific events that activate the buy-sell provisions (death, incapacity, retirement, etc.)
6. Valuation Method: Agreed methodology for determining the purchase price of shares
7. Payment Terms: Structure and timing of payments for purchased shares
8. Funding Mechanism: Details of insurance policies or other funding sources for share purchases
9. Transfer Restrictions: Limitations on transfer of shares outside the agreement framework
10. Company Operations: Interim management provisions during transfer periods
11. Representations and Warranties: Standard declarations by all parties regarding their capacity and authority
12. Governing Law and Jurisdiction: Specification of UAE law application and dispute resolution procedures
13. Notices: Process for formal communications between parties
14. Term and Termination: Duration of the agreement and conditions for termination
1. Disability Provisions: Additional provisions for handling temporary or permanent disability of shareholders
2. Retirement Planning: Specific procedures for planned retirement transitions
3. Family Transfer Exceptions: Special provisions for transfers to family members, if allowed
4. Tag-Along Rights: Rights of minority shareholders to join in sale transactions
5. Drag-Along Rights: Rights of majority shareholders to force minority participation in sales
6. Special Tax Provisions: Specific tax considerations and allocations
7. Non-Competition Clauses: Restrictions on competing activities post-sale
8. Sharia Compliance Declaration: Specific provisions ensuring compliance with Islamic law principles
1. Schedule 1: Current Ownership Schedule: Details of current shareholding structure and ownership percentages
2. Schedule 2: Valuation Formula: Detailed methodology and calculations for share valuation
3. Schedule 3: Insurance Policies: List and details of all insurance policies funding the agreement
4. Schedule 4: Purchase Price Calculation: Template and methodology for calculating purchase prices
5. Schedule 5: Transfer Notice Form: Standard form for initiating share transfers
6. Schedule 6: Company Information: Key company details, licenses, and registrations
7. Appendix A: Shareholder Contact Information: Current contact details for all shareholders
8. Appendix B: Required Regulatory Approvals: List of necessary UAE regulatory approvals for share transfers
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Family Businesses
Manufacturing
Retail
Technology
Healthcare
Real Estate
Construction
Trading
Consulting
Food & Beverage
Industrial Services
Logistics
Education
Professional Practices (Medical/Legal/Accounting)
Relevant Teams
Legal
Finance
Corporate Governance
Executive Leadership
Risk Management
Compliance
Corporate Strategy
Business Development
Board of Directors
Company Secretariat
Relevant Roles
CEO
Managing Director
Business Owner
Company Director
Chief Financial Officer
Legal Counsel
Corporate Secretary
Business Development Director
Partner
Shareholder
Board Member
Executive Director
General Manager
Risk Manager
Compliance Officer
Finance Director
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