The Business Bill of Sale is a crucial document in Indonesian business transactions, used when transferring ownership of a business from one party to another. This document is essential in the Indonesian business landscape, where formal documentation of ownership transfer is required for legal and regulatory compliance. It encompasses comprehensive details about the transaction, including the specific assets being transferred, purchase price, payment terms, and any conditions or warranties. The document must comply with Indonesian Civil Code requirements and relevant business regulations, including Law No. 40 of 2007 on Limited Liability Companies and applicable tax laws. It serves as both a legal record of the transaction and a protective mechanism for both parties, clearly outlining their rights and obligations in the business transfer process.
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1. Parties: Identification of the seller and buyer, including complete legal names, registration numbers, and addresses
2. Background: Context of the sale, brief description of the business, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction, including what is being sold and the agreed purchase price
5. Payment Terms: Details of how and when payment will be made, including any installment arrangements
6. Assets Included: Comprehensive list of assets included in the sale (equipment, inventory, intellectual property, etc.)
7. Liabilities and Encumbrances: Statement of any existing liabilities and encumbrances on the business
8. Representations and Warranties: Seller's assertions about the business condition, compliance, and disclosed information
9. Closing Conditions: Conditions that must be met before the sale can be completed
10. Handover Process: Process and timeline for transferring business operations and assets
11. Governing Law: Specification that Indonesian law governs the agreement
12. Dispute Resolution: Process for resolving any disputes that may arise
13. Signing and Execution: Formal closing provisions and signature blocks
1. Employee Matters: Used when employees are being transferred with the business, detailing treatment of existing staff
2. Intellectual Property Transfer: Required when the business includes significant IP assets that need specific transfer provisions
3. Non-Compete Clause: Include when restricting the seller from competing with the business post-sale
4. Transition Services: Used when the seller will provide support services after the sale
5. Environmental Matters: Include for businesses with environmental compliance requirements or risks
6. Lease Assignment: Required when business premises are leased and the lease needs to be transferred
7. Inventory Adjustment: Include when final purchase price depends on inventory levels at closing
8. Customer and Supplier Contracts: Used when specific provisions are needed for transferring key business relationships
1. Schedule A - Asset Inventory: Detailed list of all physical assets included in the sale
2. Schedule B - Intellectual Property: List of all IP assets, registrations, and pending applications
3. Schedule C - Contracts and Agreements: List of all business contracts being transferred
4. Schedule D - Employee Information: Details of employees, their positions, and employment terms
5. Schedule E - Permits and Licenses: List of all business permits and licenses being transferred
6. Schedule F - Excluded Assets: Clear listing of any assets not included in the sale
7. Schedule G - Financial Statements: Recent financial statements of the business
8. Appendix 1 - Due Diligence Documents: Key documents reviewed during due diligence
9. Appendix 2 - Required Consents: List of third-party consents needed for the transfer
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