The Simple Business Sale Agreement is primarily used for uncomplicated business transfers in England and Wales, typically involving small to medium-sized enterprises. It provides a framework for documenting the sale terms, warranties, and transfer of assets while ensuring compliance with relevant legislation such as the Sale of Goods Act 1979 and TUPE regulations. This agreement is particularly suitable when the transaction structure is straightforward and the parties wish to avoid the complexity and cost associated with more comprehensive business purchase agreements.
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1. Parties: Identification and details of the seller and buyer
2. Background: Context of the sale and brief description of the business
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including price and payment terms
5. Completion: Timing and mechanics of completion
6. Warranties: Standard business warranties from seller
7. Confidentiality: Protection of confidential information
1. Employee Provisions: Used when employees are transferring with the business under TUPE regulations
2. Property Transfer: Provisions for transfer of business premises when real property is included in sale
3. Restrictive Covenants: Non-compete and non-solicitation provisions when protecting goodwill is crucial
1. Assets Schedule: Detailed list of assets included in the sale
2. Employees Schedule: List of transferring employees and their terms
3. Properties Schedule: Details of any properties included in the sale
4. Intellectual Property Schedule: List of transferring IP rights
5. Contracts Schedule: List of business contracts being transferred
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