13 Sep Business Sale Agreement Victoria
Each transaction is different and, therefore, each sales transaction will be unique and specific arrangements may be required to account for the activity in question. Precedents and checklists are important, but not necessarily the solution for every scenario. Purchase agreements for small businesses often use the Law Institute or Real Estate Institute of Victoria formats with a supplier declaration (where a spirits licence is not transferred or if the purchase price is below the threshold for small businesses). Large purchase contracts usually have many special conditions or are tailor-made long-term documents that cover aspects that are not normally provided for in standard contracts. The contract should clearly state the intellectual property you are selling as part of the transaction and the intellectual property you are retaining. When selling a business, it is important that the sales contract is complete in order to clarify the responsibilities of the buyer and you as a seller. You must transfer any lease agreement to the buyer. The buyer generally wants the contract of sale to be subject to the lessor`s agreement for the transfer of the lease. You don`t want to buy the company and then find that the contract it has with a large customer expires in six months.
. . .