Sale of Business Agreement

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Attorney approved Practical points considered

A Business Sale Agreement, also sometimes called a Business Purchase Agreement, is a document which the seller of a company and their chosen buyer can enter into when an entire business is being sold. A Business Sale Agreement is absolutely essential when two parties are discussing the sale and transfer of a business.

This is a comprehensive agreement for the sale of a business by an individual, a company or any other organisation, but not suitable for sale of shares in a company.

Complications arise if the purchase money is not paid over to the seller at the same moment as other matters are finalised. There are a few inevitable exceptions, particularly when relying on a third party such as a web host or domain name registrar. If it is inevitable that some matters remain to be done later than the date of completion, you should use our drafting service to draw the fine points for you. The purchase price may be apportioned among the assets to assist in tax planning.

As a buyer, you will probably be buying the property or at least taking over a lease. Many of these agreements include a transfer of a lease and / or an agreement to buy a freehold.

Agreement contents

  • Interpretation
  • Agreement for Sale
  • The Purchase Price
  • Items to be delivered at completion
  • Completion
  • Stocks
  • Debtors
  • Creditors and Liabilities
  • Value Added Tax
  • Warranties by the Seller
  • Future Activities
  • The Guarantor
  • Communications
  • Miscellaneous Matters
  • Jurisdiction

Draftsman

This document was written for Agreements.org by a Senior Attorney (Admitted in the High Court) with more than 15 years’ experience. It complies with current South African law.

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