These “subject to” conditions that are included in the business purchase agreement (i.e. the purchase offer). It is important that a buyer makes sure that they specify any appropriate special conditions and/or conditions precedent to the settlement (i.e. completion of the business sale), such as “due diligence”.
Special Conditions Contract 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!