SPECIAL CONDITIONS FOR SALE OF BUSINESS
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Special Conditions Sale of Business
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!
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)
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.
Special Conditions Sale of Business
includes gst.
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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.
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