Sale of business contract (simple English version)- BUS 8

Simple English sale of business contract.

Sample

These Conditions can be changed by negotiation.

1.1. The purchaser may end this contract within 3 clear business days of the purchaser signing the contract UNLESS the purchaser:

(a) received independent advice from a solicitor before signing the contract, or

(b) previously signed a similar contract for the same business.

1.2. To end this contract the purchaser must within 3 clear business days either:

(a) give the vendor or the vendor's agent written notice that the contract is ended, or

(b) leave written notice at the vendor's or agent's address.

1.3. If the purchaser ends the contract, any payment the purchaser made must be refunded.

2.1. The vendor must have the right to sell the business on the day of sale.

2.2. (a) The vendor must transfer the business and the stock to the purchaser at the settlement date free from all encumbrances.

(b) The parties must perform the obligations in this contract by the settlement date unless otherwise indicated.

(c) Ownership passes when the whole of the price is paid."