The Small Business Sale Contract is essential for facilitating the transfer of small business ownership in Singapore. This document is typically used when a business owner wishes to sell their enterprise, whether due to retirement, relocation, or strategic decisions. The contract encompasses crucial elements such as asset transfer, employee considerations, intellectual property rights, and ongoing business obligations, all while ensuring compliance with Singapore's regulatory framework. It provides legal protection for both parties and clarity on their respective rights and obligations throughout the transaction process.
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1. Parties: Identification and details of the buyer and seller
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: Details of when and how the sale will be completed
6. Warranties and Representations: Seller's assurances about the business
7. Governing Law: Specification of Singapore law as governing law
1. Employee Transfer: Terms for transferring employees when staff are included in the business sale
2. Property Assignment: Terms for transferring property when real estate is included in the sale
3. Intellectual Property: Terms for transferring IP rights when the business includes significant IP assets
4. Non-Compete: Restrictions on seller's future business activities when protecting the business's goodwill is crucial
1. Schedule 1: Assets List: Detailed inventory of assets being transferred
2. Schedule 2: Financial Statements: Recent financial statements of the business
3. Schedule 3: Employees: List of employees and their terms of employment
4. Schedule 4: Contracts: List of ongoing contracts and obligations
5. Schedule 5: Intellectual Property: List of IP assets being transferred
6. Schedule 6: Properties: Details of any real estate included in the sale
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