SALE OF ONLINE BUSINESS

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At a Glance

The Sale of Business Practice Manual NSW has been updated with a new precedent. The Practice Manual now contains a Contract for the Sale of an Online Business. It is based on a foreign company buying an Australian based online business.

INCLUDES

  • Definitions and interpretation
  • Assets to be sold
  • No encumbrances
  • Passing of title and risk
  • Consideration
  • Deferred Consideration
  • Certification of Net Revenue
  • Acceptance procedure
  • Dispute resolution
  • Basis of preparation of the Management Accounts
  • Vendor protections
  • Timing of payment
  • Completion
  • Where completion takes place
  • What happens on Completion
  • Warrantors’ indemnity
  • Post Completion
  • Enquiries in respect of the Business
  • Preservation of books and records
  • Receipt of monies following Completion
  • Rights under the Contracts
  • Assignment of Contracts
  • Contracts that are not able to be assigned
  • Employees
  • Vendor’s Indemnity
  • Vendor to pay Employees
  • Reimbursement of remuneration
  • Liabilities
  • Contracts not assigned
  • Restrictive covenants
  • Form of covenants
  • Separate undertakings
  • Warranties
  • Grossing up
  • Reduction of consideration
  • Limitations on Vendor’s liability
  • Disclosure
  • Limitations of liability
  • Restrictions on claims
  • Mitigation
  • Contingent matters
  • Recovery from third parties
  • Conduct of Warranty Claims
  • Notification
  • No liability for delay
  • Conduct of claims
  • Entire Agreement
  • Assignment
  • Variation
  • Effect of Completion
  • Invalidity
  • Releases and waivers
  • Further assurance
  • Counterparts
  • Confidentiality
  • Default interest
  • Set-off
  • Announcements
  • Costs and expenses
  • Notices
  • Form of Notices
  • Deemed service
  • When deemed service does not apply
  • Proof of service
  • Delaying service
  • Governing law and jurisdiction
  • Schedule 1 – Warranties
  • Schedule 2 –Shareholders
  • Schedule 3 – Apportionment
  • Schedule 4 – Moveable assets
  • Schedule 5 – Contracts

Sale of Business Contracts

Business owners can get into trouble buying or selling a business if the Contract leaves out important aspects of the sale. Leaving important items out of a contract, including tangible and intangible assets and liabilities, can cause problems months after the sale completes. When you draft a contract for the sale of a business, make sure both parties know exactly what they are getting at the time of signing, as well as in the future.

There is more than one way to sell your business. We have more than one kind of contract. Whether its an asset sale or a sale or shares in company we have all the types of contracts you are likely to need. Buy more than one agreement and get 40% off. Choose from any Sale of Business Template on our Business Agreements page: use discount code DISCOUNT40

Or buy the lot at a substantial discount!  Just contact us.

Support@precedentsonline.com.au

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