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The Restaurant Sale Agreement is a crucial legal document used in Australian business transactions when transferring ownership of a restaurant business from one party to another. This agreement is essential for protecting both vendors' and purchasers' interests while ensuring compliance with Australian federal and state regulations. It typically includes provisions for the transfer of physical assets, intellectual property, licenses, permits, employee contracts, and lease arrangements. The document must address specific requirements under various Australian legislation, including the Competition and Consumer Act, Food Act, Liquor Licensing Acts, and relevant state-based regulations. It's particularly important in the hospitality sector where regulatory compliance, food safety standards, and licensing requirements are stringent. The agreement should be customized based on the specific nature of the restaurant business, whether it's a small cafe, fine dining establishment, or franchise operation.

1. Parties: Identifies and defines the Vendor and Purchaser with full legal names and details

2. Background: Establishes the context of the sale, including brief description of the business and parties' intention to sell/purchase

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets rules for interpretation

4. Sale and Purchase: Details the assets being sold and purchased, including business name, goodwill, equipment, and stock

5. Purchase Price: Specifies the total purchase price, payment terms, deposit requirements, and adjustments

6. Completion: Sets out the completion date, requirements for completion, and processes for settlement

7. Due Diligence: Outlines the purchaser's right to investigate the business and verification of information

8. Vendor's Obligations: Lists all obligations of the vendor before, during, and after the sale

9. Purchaser's Obligations: Details all obligations of the purchaser before, during, and after the sale

10. Employees: Addresses treatment of existing employees, including transfer arrangements and entitlements

11. Restraint of Trade: Specifies non-compete and non-solicitation obligations of the vendor

12. Warranties: Lists warranties provided by both parties, particularly the vendor's warranties about the business

13. Default and Termination: Outlines circumstances of default and termination rights

14. Confidentiality: Addresses confidentiality obligations regarding the business and transaction

15. GST: Handles GST treatment of the sale and related obligations

16. Notices: Specifies how formal notices under the agreement must be given

17. General: Contains standard boilerplate provisions including governing law, entire agreement, and amendments

18. Execution: Formal execution blocks for all parties