Business Purchase Agreement for Word
A business purchase agreement is a legal contract stating the conditions of business transfer from the seller to the buyer. It is an official document and defines all the terms and conditions under which the business transfer takes place. The document can be used for the purpose of evidence of proof of ownership of the business.
Template for business purchase agreement is presented below,
The agreement is drafted on the date (__/__/__) between the following individuals,
Name: XYZ Company
Address: 74 Heaven Street, North Dakota, USA.
Contact: 749 742-8294
Name: ABC Company
Address: Main Boulevard, North Dakota, USA
Contact: 829 245-8292
Terms and conditions of the agreement are mentioned below,
- The agreement shall commence from date (__/__/__) and both companies are required to follow it.
- Buyer will buy the business at the rates as discussed with seller.
- The transfer of business will be conducted in an official meeting at XYZ headquarters.
- 5 Delegates of each company will attend the meeting.
- Meeting will be held on date (__/__/__) at 0800 hours.
- Buyer will transfer money after the commencement of this agreement.
- All dues of the business transfer will be cleared after the meeting.
- All the official signatures and transfer will be conducted in the meeting.
- Buyer will be responsible for providing either same or alternative jobs to the employees of transferred business.
- If any employee wishes to leave the job, buyer will not be held accountable.
- All the transferred business will be taken care of by involving new as well as previous employees.
- Buyer will not be allowed to sell the business further to any other buyer.
- All the negotiated warranties of seller should be met.
- Buyer will be allowed to make necessary changes in the business.
- Buyer can keep same clients of business or change altogether.
- All the current clients of the business will be entertained by buyer.
- Buyer is responsible for paying due loans of the business.
- Rent of the building that houses the raw materials will be paid by buyer.
- Buyer will be allowed to change storage space according to their feasibility.
- Seller will have no say in the progress or working of business after it has been transferred to the buyer.
- Seller promises to not start a competitive business in the same field.
- Seller will not hire any of the former employee.
- If any employee of the transferred business is not treated fairly, buyer will suffer serious consequences.
- Buyer is allowed to change marketing strategies, working models etc.
- This agreement is signed in the presence of two credible witnesses provided after mutual understanding of both parties.
- Unable to follow the rules of this agreement can lead to cancellation of transfer.
Buyer: XYZ Company
Seller: ABC Company
Witness # 1: John Mason
Witness # 2: Eric Martin