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Business Acquisition
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Business Acquisition Contract
This Business Acquisition Contract Template is used to transfer the ownership of a business. Included are the terms of the sale and what is or is not included in the sale price.
Option clauses and warranties also form part of this contract, which protects both the seller and the purchaser after the transaction has been completed.
Business Acquisition Contract Template includes:-
- Defined Terms & Interpretation
- Sale And Price
- Conditions Precedent To Completion
- Post Completion Period
- Completion
- Stock In Trade
- Debtors
- Adjustment Payments
- Employment And Superannuation
- Premises Lease
- Licence
- Competition
- Requisitions
- Warranties And General Indemnities
- Default
- Goods And Services Tax
- Confidentiality
- Stamp Duty, Tax, Costs And Expenses
- Income Tax Assessment Act
- Telephone
- Service Agreements
- Claims By Clients
- Dispute Resolution
- General
- Seller
- Stakeholder
- Sellers Solicitors
- Location Of Premises
- Real Property Description Of Premises
- Business Name
- Telephone Number Of Business
- Facsimile Number Of Business
- Email Address And Domain Name
- Deposit
- Requisition Amount
- Post Completion Requisition Amount
- Key Persons
- Particulars Of License
- Assignment Of New Lease
- New Lease Requirements
- Authority
- Accuracy Of Information
- Conduct Of Business
- Financial Position
- Title
- Tangible Assets
- Premises
- Premises Lease
- Employees
- Unions
- Funding Of Seller’s Fund
- Authorisations
- Litigation
- Solvency
- Records
- Tax And Duties
- Claims
- Intellectual Property
- Restraint Of Trade
Business Acquisition Contract Template
This Business Acquisition Contract Template is approximately 55 pages in length
Includes GST
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Introduction
Not all sellers of a business prepare a contract for sale prior to the business being sold. In circumstances where a competitor offers to buy out a business, the buyer will prepare a contract known as an Acquisition Contract.
A Sale of Business is conducted in a similar way to a sale of land: exchange of contracts, followed by a period in which the purchaser makes inquiries and the vendor prepares for settlement, and ending in settlement:
Business Acquisition Generally
There are no statutory disclosure requirements for the sale of a business, so purchasers need to be careful about what they are buying. This means carrying out due diligence either before or after a contract is entered into.
Business Acquisition Contract
No particular form of contract is prescribed by law.
A well drafted Acquisition Contract lists everything that comprises the business being purchased. The contract also outlines the obligations of the parties. A written contract is prudent and necessary in order to:
(a) Provide evidence of title to the various components of the business.
(b) Define precisely when the vendor’s obligation to pay outgoings and collect revenue ends, and the purchaser’s begins.
(c) Claim the GST ‘going concern’ exemption. (See a New Tax System (Goods & Services Tax) Act 1999 Sect 38.325)
(d) Non-disclosure. If the sale does not proceed, the vendor would usually prefer to have this kept confidential.
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