The Business Sale Agreement is a comprehensive legal document used when transferring ownership of a business in England and Wales. This agreement is essential for both asset sales and share transfers, detailing everything from purchase price to warranties and indemnities. It ensures compliance with UK legislation including the Companies Act 2006, TUPE regulations, and relevant tax laws. The document typically includes schedules covering assets, employees, properties, and warranties, providing protection for both buyer and seller throughout the transaction process.
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1. Parties: Details of the seller and buyer, including registered addresses and company numbers
2. Background: Context of the sale and brief description of the business being sold
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including price and payment terms
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: Required when employees are transferring as part of the sale, including TUPE provisions and employee-related warranties
2. Property Transfer: Details of property transfer arrangements when real estate is included in the sale
3. Intellectual Property: Transfer of IP rights and related provisions when significant IP assets are involved in the sale
1. Schedule 1: The Business: Detailed description of assets, contracts, and elements included in the sale
2. Schedule 2: Properties: List and details of any properties included in the sale
3. Schedule 3: Employees: List of transferring employees and their terms
4. Schedule 4: Warranties: Detailed warranties given by the seller
5. Schedule 5: Completion Obligations: List of actions required at completion
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