The Restaurant Purchase Agreement is a specialized commercial contract used when transferring ownership of a restaurant business in New Zealand. It is essential when a restaurant owner wishes to sell their establishment and a purchaser agrees to acquire it as a going concern. This comprehensive agreement covers the sale of both tangible assets (such as equipment, fixtures, and inventory) and intangible assets (such as goodwill, licenses, and customer databases). The document must comply with New Zealand's specific regulatory requirements, including food safety regulations, liquor licensing laws, and business transfer provisions. It typically includes detailed schedules of assets, employee information, and operational licenses, while also addressing key commercial terms such as purchase price, payment terms, and any conditions precedent to settlement.
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1. Parties: Identification of the seller and purchaser, including full legal names, company details, and registered addresses
2. Background: Context of the transaction, brief description of the business, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core agreement to sell and purchase the restaurant business, including the agreed purchase price and payment terms
5. Assets Included in Sale: Comprehensive description of what is included in the sale (equipment, fixtures, fittings, inventory, intellectual property, etc.)
6. Excluded Assets: Clear specification of any assets that are not included in the sale
7. Due Diligence: Purchaser's right to investigate the business and conditions for due diligence
8. Conditions Precedent: Conditions that must be satisfied before settlement occurs
9. Pre-Settlement Obligations: Obligations of both parties before settlement, including business operation requirements
10. Settlement: Settlement process, timing, and requirements
11. Post-Settlement Obligations: Ongoing obligations after settlement, including handover requirements
12. Warranties: Seller's warranties regarding the business, assets, and operations
13. Restraint of Trade: Restrictions on seller's future business activities
14. Employees: Treatment of existing employees and related obligations
15. Confidentiality: Confidentiality obligations regarding the transaction and business information
16. Dispute Resolution: Process for resolving disputes between parties
17. General Provisions: Standard contractual provisions including notices, amendments, governing law, etc.
1. Vendor Finance: Include when part of the purchase price is being financed by the seller
2. Lease Assignment: Include when the premises are leased and the lease needs to be assigned
3. Training and Handover: Include when the seller agrees to provide specific training or transition support
4. Franchise Provisions: Include if the restaurant is part of a franchise system
5. Environmental Matters: Include if there are specific environmental concerns or compliance requirements
6. Intellectual Property License: Include if the seller is retaining but licensing certain IP to the buyer
7. Third Party Consents: Include when specific third-party approvals are required
8. Stock Options: Include when there are specific arrangements for dealing with stock at settlement
1. Schedule 1: Assets List: Detailed inventory of all physical assets included in the sale
2. Schedule 2: Lease Details: Copy or summary of lease terms and conditions
3. Schedule 3: Licenses and Permits: List of all operational licenses and permits
4. Schedule 4: Employee Information: Details of all employees, their terms, and entitlements
5. Schedule 5: Financial Statements: Recent financial statements and trading figures
6. Schedule 6: Inventory: List of stock and inventory included in sale
7. Schedule 7: Contracts: List of all business contracts to be assigned
8. Schedule 8: Intellectual Property: Details of all IP rights included in the sale
9. Appendix A: Due Diligence Checklist: Checklist of items to be reviewed during due diligence
10. Appendix B: Settlement Checklist: List of items to be completed at settlement
Relevant legal definitions
Clauses
Relevant Industries
Hospitality
Food & Beverage
Restaurant Industry
Small Business
Retail
Commercial Property
Franchise
Hospitality Equipment
Food Service
Business Services
Relevant Teams
Legal
Finance
Operations
Compliance
Mergers & Acquisitions
Commercial
Due Diligence
Business Development
Risk Management
Property
Relevant Roles
Business Owner
Restaurant Owner
Chief Executive Officer
Chief Financial Officer
Commercial Lawyer
Business Broker
Franchise Manager
Operations Manager
Restaurant Manager
General Counsel
Legal Counsel
Mergers & Acquisitions Manager
Business Development Manager
Financial Controller
Due Diligence Manager
Compliance Officer
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