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Partnership Sale Agreement for Singapore

Partnership Sale Agreement Template for Singapore

A Partnership Sale Agreement under Singapore law is a legally binding document that facilitates the transfer of partnership interests from one or more selling partners to purchasing partners or entities. The agreement is governed by Singapore's Partnership Act and related commercial laws, incorporating specific provisions for the valuation, transfer, and settlement of partnership interests. It includes detailed terms about the sale price, payment terms, warranties, and the ongoing obligations of all parties involved.

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Partnership Sale Agreement

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What is a Partnership Sale Agreement?

A Partnership Sale Agreement is essential when a partner wishes to exit a business partnership by selling their interest to existing partners or third parties. This document, governed by Singapore law, outlines the terms and conditions of the sale, including the purchase price, payment terms, warranties, and representations. The agreement ensures compliance with Singapore's Partnership Act and protects all parties' interests during the transfer. It typically includes provisions for due diligence, asset valuation, client transition, and post-sale obligations.

What sections should be included in a Partnership Sale Agreement?

1. Parties: Identification of selling and purchasing partners, including full legal names and addresses

2. Background: Context of the partnership sale, including business description and reason for sale

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase: Core terms of the transaction including partnership interest being sold

5. Purchase Price: Amount and payment terms

6. Completion: Timing and mechanics of the sale completion

7. Warranties and Representations: Standard warranties about the partnership interest being sold

8. Governing Law: Specification of Singapore law as governing law

What sections are optional to include in a Partnership Sale Agreement?

1. Due Diligence: Detailed investigation of partnership assets, typically used for larger transactions or complex partnerships

2. Employee Matters: Treatment of existing employees, included when partnership has employees

3. Intellectual Property: Transfer of IP rights, included when partnership owns significant intellectual property

4. Non-Compete: Restrictions on selling partner's future activities, used when protecting business goodwill is crucial

What schedules should be included in a Partnership Sale Agreement?

1. Asset Schedule: Detailed list of partnership assets being transferred

2. Financial Statements: Recent partnership financial statements

3. Client Lists: List of partnership clients and contracts

4. Property Details: Details of any real property owned by partnership

5. Employee Information: List of employees and their terms of employment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Document Type

Sales Agreement

Sector

Sales

Cost

Free to use
Relevant legal definitions






























Clauses






























Industries

Partnership Act (Chapter 391): Primary legislation governing partnership formation, operation, and dissolution in Singapore

Sale of Goods Act (Chapter 393): Regulates the sale of goods and transfer of property between parties in Singapore

Application of English Law Act: Establishes the application of English common law principles in Singapore's contract law

Business Names Registration Act 2014: Governs the registration and regulation of business names in Singapore

Companies Act (Chapter 50): Related commercial law affecting business structures and corporate governance

Competition Act (Chapter 50B): Regulates competitive practices and market conduct in Singapore

Consumer Protection (Fair Trading) Act: Protects consumer interests and regulates fair trading practices

Goods and Services Tax Act: Governs the implementation and collection of GST in Singapore

Income Tax Act: Regulates taxation of business income and profit distribution

Stamp Duties Act: Governs stamp duties payable on transfer of assets and property

Employment Act: Regulates employment relationships and worker protections if the partnership has employees

Central Provident Fund Act: Governs mandatory social security savings system and employee benefits

Personal Data Protection Act 2012: Regulates the collection, use, and disclosure of personal data in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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