SPECIAL CONDITIONS FOR THE SALE OF BUSINESS NSW
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At a Glance
Special Conditions for Sale of Business in New South Wales is done with the Contract for Business created by The Law Society of New South Wales.
For each edition, practitioners have been formulating their own Special Conditions. For whatever reason, each edition of standard terms produced by the Law Society of New South Wales spawns its own unofficial special conditions which filter through the profession, attached to clients’ contracts.
The Special Conditions Contract for Sale of Business alter Standard Terms of the Contract for the sale and purchase of business by:
- Deleting and amending the Standard Terms
- Including new terms which are not included in the Standard Terms
This has the effect of removing some unwanted results from using the Standard Terms in their unamended form.
Sale of Business NSW
The Special Conditions to the Contract for the sale of Business are designed to be added to the Contract for the Sale of Business . They are normally inserted after the Standard Terms
Note Special Conditions are not intended to be used on their own. You still need to purchase the Contract for the sale of Business from the Law Society of New South Wales. There is an online shop on the website of the Law Society of New South Wales from which you can purchase a one-use-only copy of the Contract for the sale and purchase of Business. Select the appropriate set of special conditions, add your annexures and you have your Contract!
New: Special-Conditions-for-Law-Society-2021-Contract-for-Sale-of-Business
These Special Conditions have been drafted to complement the Law Society of New South Wales Contract for Sale of Business 2021 (now called the Contract for the Sale and Purchase of Business 2021 Edition)
A Special Conditions Contract for Sale of Business (NSW) is essential for formalising the terms and conditions of a business sale, ensuring both buyers and sellers are protected throughout the transaction. This agreement helps mitigate risks, define obligations, and establish a structured framework for ownership transfer
INCLUDES
The Special Conditions contain 31 additional clauses to the standard terms contained in the Law Society contract (listed below)
Variations To Printed Form
Agent
Whole Agreement
Death, Bankruptcy & Liquidation
Interest For Late Completion
GST – Going Concern
GST – Purchaser To Pay
GST – Reverse Charge
GST Registration For Gst
Transfer Of Intellectual Property
Key Persons To Sign The Restraint Contract
Attorney (Guarantor)
Condition Precedent
Costs And Stamp Duty
Confidentiality
Contemporaneous Completion
Counterparts
Force Majeure
Further Assurance
Guarantee And Indemnity
Interpretation
Proper Law
Restraint Of Trade
Retention Of Title
Rights Not Affected By Failure To Enforce
Rights To Survive Termination
Severability
Liquor Licence
Termination
Time Of The Essence
Whole Agreement
The precedent can be used as a memory jogger – remind yourself of what extra clauses are available and simply delete the ones that are not required. The included Table of Contents will update itself.
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