The Agreement To Buy a Business is essential when acquiring an operational business in England and Wales. It's commonly used for both asset purchases and share transfers, providing comprehensive coverage of the transaction's commercial and legal aspects. The agreement includes crucial details about what is being bought, the purchase price, payment terms, and various warranties and indemnities. It's particularly important for ensuring compliance with UK business transfer regulations, protecting both parties' interests, and managing risks associated with the transfer of employees, assets, and liabilities.
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1. Parties: Details of buyer and seller, including registered addresses and company numbers
2. Background: Context of the transaction and brief description of the business being sold
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including price and what is being purchased
5. Completion: Details of when and how the sale will complete
6. Warranties: Seller's assurances about the business
7. Indemnities: Protection against specific identified risks
1. Employee Provisions: TUPE implications and employee transfer terms - use when employees are being transferred
2. Property Provisions: Transfer of property rights and leases - use when real estate is involved
3. Intellectual Property: Transfer of IP rights - use when significant IP assets exist
4. Non-Compete Provisions: Restrictions on seller's future activities - use when protecting goodwill is crucial
1. Asset Register: Detailed list of assets being transferred
2. Property Schedule: Details of all properties owned or leased
3. Employee Information: List of employees and their terms
4. Intellectual Property Schedule: Details of all IP rights
5. Warranties Schedule: Detailed warranties given by seller
6. Completion Requirements: List of documents required at completion
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