The Buy Sell Agreement Life (Insurance) is a crucial document for businesses operating under Belgian law that want to ensure smooth ownership transition in the event of an owner's death. This agreement is particularly important for partnerships, closely-held corporations, and family businesses where continuity of ownership and operation is essential. It combines the elements of a traditional buy-sell agreement with life insurance funding mechanisms, ensuring that surviving owners have the financial means to purchase the deceased owner's interest while providing liquidity to the deceased owner's estate. The document must comply with Belgian insurance regulations, corporate law, and tax legislation, making it a complex but essential tool for business succession planning. It typically includes provisions for policy ownership, premium payments, valuation methods, and transfer procedures, all structured within the Belgian legal framework.
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1. Parties: Identification of all parties to the agreement including business owners and the business entity
2. Background: Context of the agreement, current ownership structure, and purpose of the arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase Obligations: Core obligations to purchase/sell ownership interests upon trigger events
5. Trigger Events: Detailed description of events triggering buy-sell provisions (death, disability, etc.)
6. Insurance Requirements: Obligations regarding life insurance policies, including ownership, premium payments, and maintenance
7. Valuation Method: Methodology for determining purchase price of ownership interests
8. Payment Terms: Terms and conditions for payment of purchase price, including use of insurance proceeds
9. Transfer Procedure: Process and requirements for executing ownership transfer
10. Representations and Warranties: Standard representations regarding authority, ownership, and compliance
11. Tax Provisions: Allocation of tax obligations and responsibilities
12. Confidentiality: Confidentiality obligations regarding agreement terms and company information
13. Governing Law and Jurisdiction: Specification of Belgian law application and jurisdiction
14. General Provisions: Standard boilerplate provisions including amendments, notices, and severability
1. Cross-Purchase Provisions: Used when owners will purchase directly from each other rather than entity purchase
2. Entity Purchase Provisions: Used when the business entity will purchase the interests
3. Disability Buy-Out Provisions: Detailed provisions for purchase obligations triggered by disability
4. Retirement Provisions: Special provisions for handling retirement-triggered purchases
5. Right of First Refusal: Optional provisions giving remaining owners first right to purchase
6. External Financing Arrangements: Used when additional financing beyond insurance is required
7. Special Tax Planning Provisions: Additional tax structuring for complex ownership situations
8. Family Transfer Exceptions: Special provisions for permitted transfers to family members
1. Schedule A - Insurance Policy Details: Details of life insurance policies including policy numbers, coverage amounts, and beneficiaries
2. Schedule B - Current Ownership Structure: Current ownership percentages and classes of ownership interests
3. Schedule C - Valuation Formula: Detailed formula and methodology for business valuation
4. Schedule D - Purchase Price Calculation: Template for calculating purchase price based on agreed formula
5. Appendix 1 - Required Notices: Forms and templates for required notices under the agreement
6. Appendix 2 - Transfer Documentation: Templates for share transfer forms and related documents
7. Appendix 3 - Tax Certificates: Required tax documentation and certificates
8. Appendix 4 - Insurance Beneficiary Designations: Forms for insurance beneficiary designations and changes
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