The Simple Business Sale Agreement is a fundamental legal document used in Hong Kong for transferring business ownership from one party to another. It is particularly suited for straightforward business sales where the transaction structure is relatively uncomplicated. This document encompasses essential elements required under Hong Kong law, including details of the parties, purchase price, assets and liabilities, warranties, and completion mechanics. It's commonly used by small to medium-sized enterprises and can be adapted for various business types while maintaining compliance with Hong Kong's legal framework. The agreement should be drafted with consideration of relevant Hong Kong ordinances, including the Contract and Rights of Third Parties Ordinance, Sale of Goods Ordinance, and Business Registration Ordinance.
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1. Parties: Identifies and defines the Seller and Buyer with full legal names and addresses
2. Background: Describes the business being sold and confirms the Seller's ownership and authority to sell
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction, including what is being sold and the basic agreement to sell
5. Purchase Price: States the agreed purchase price and payment terms
6. Completion: Details of when and how the sale will be completed, including completion date and requirements
7. Seller's Warranties: Basic warranties about business ownership, authority to sell, and accuracy of information
8. Assets and Liabilities: Details of what assets are included and excluded, and treatment of liabilities
9. Employees: Treatment of existing employees and related obligations
10. Confidentiality: Obligations regarding confidential information
11. Governing Law: Specifies Hong Kong law as governing law and jurisdiction
12. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Post-Completion Obligations: Used when there are specific actions required after completion, such as transitional services
2. Non-Compete Provisions: Include when restricting the seller from competing with the business post-sale
3. Intellectual Property: Required when the business has significant IP assets requiring specific treatment
4. Property Leases: Include when the business operates from leased premises requiring assignment or new arrangements
5. Tax Matters: Used when specific tax arrangements or indemnities are needed
6. Environmental Matters: Include for businesses with environmental compliance obligations
7. Data Protection: Required when personal data forms a significant part of the business assets
8. Third Party Consents: Include when key contracts or licenses require third party approval for transfer
1. Schedule 1 - Business Assets: Detailed list of all assets included in the sale
2. Schedule 2 - Excluded Assets: List of assets specifically excluded from the sale
3. Schedule 3 - Employees: List of employees and their key employment terms
4. Schedule 4 - Contracts: List of business contracts being transferred
5. Schedule 5 - Intellectual Property: Details of all IP rights owned by the business
6. Schedule 6 - Properties: Details of any real estate or lease arrangements
7. Schedule 7 - Completion Requirements: Checklist of documents and actions required for completion
8. Appendix A - Form of Transfer Documents: Templates for any required transfer documentation
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