The Buy Sell Agreement For Small Business is a crucial legal document used in Indonesia when transferring ownership of a small business from one party to another. It is specifically designed to comply with Indonesian business law, including the Civil Code and Law No. 20 of 2008 on Micro, Small and Medium Enterprises. This agreement becomes necessary when a small business owner wishes to sell their enterprise, whether due to retirement, relocation, or other business decisions. The document covers essential elements including asset transfer, employee transitions, liabilities, warranties, and post-sale obligations. It is particularly important in the Indonesian context where small businesses form a significant part of the economy and require careful consideration of local business practices, regulatory requirements, and cultural aspects in business transfers.
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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 transaction, including 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 purchased
5. Purchase Price: Detailed breakdown of the purchase price, payment terms, and payment method
6. Conditions Precedent: Conditions that must be met before the sale becomes effective
7. Completion: Details of the completion process, timing, and requirements
8. Seller's Warranties: Warranties provided by the seller regarding the business, assets, and liabilities
9. Buyer's Warranties: Warranties provided by the buyer regarding capacity to purchase and fund the transaction
10. Assets and Liabilities: Detailed description of what is included and excluded in the sale
11. Employee Matters: Treatment of employees and related obligations post-completion
12. Confidentiality: Obligations regarding confidential information
13. Post-Completion Obligations: Ongoing obligations of both parties after completion
14. Governing Law and Dispute Resolution: Applicable law and method of resolving disputes
15. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
16. Execution: Signature blocks and execution formalities
1. Non-Compete Provisions: Restrictions on seller's future business activities - include when seller might compete
2. Intellectual Property: Specific provisions for transfer of IP rights - include when business has significant IP assets
3. Real Estate: Provisions relating to property transfer or lease assignment - include when real estate is involved
4. Training and Transition: Terms for seller providing training to buyer - include when specialized knowledge transfer is needed
5. Outstanding Litigation: Handling of ongoing legal matters - include when there are pending legal issues
6. Environmental Matters: Environmental compliance and liabilities - include for businesses with environmental impacts
7. Franchise Obligations: Treatment of franchise agreements - include if business is a franchise
8. Third Party Consents: Process for obtaining required third party approvals - include when significant contracts require consent for transfer
1. Schedule 1 - Business Assets: Detailed inventory of all physical assets included in the sale
2. Schedule 2 - Excluded Assets: List of assets specifically excluded from the sale
3. Schedule 3 - Financial Statements: Recent financial statements and management accounts
4. Schedule 4 - Employee Information: List of employees, their roles, and employment terms
5. Schedule 5 - Material Contracts: List and copies of important business contracts
6. Schedule 6 - Intellectual Property: Details of all IP rights owned or used by the business
7. Schedule 7 - Premises: Details of business premises and related leases or titles
8. Schedule 8 - Licenses and Permits: List of all business licenses and permits
9. Appendix A - Completion Checklist: Detailed list of actions required for completion
10. Appendix B - Form of Transfer Documents: Templates for various transfer documents required
Relevant legal definitions
Clauses
Relevant Industries
Retail
Food and Beverage
Manufacturing
Professional Services
Technology
Healthcare
Education
Construction
Transportation
Hospitality
Agriculture
E-commerce
Real Estate
Automotive
Tourism
Relevant Teams
Legal
Finance
Operations
Human Resources
Compliance
Risk Management
Business Development
Commercial
Corporate Secretariat
Investment
Relevant Roles
Business Owner
CEO
Managing Director
Legal Counsel
Business Development Manager
Financial Controller
Company Secretary
Operations Manager
HR Manager
Commercial Director
Chief Financial Officer
Compliance Officer
Business Broker
Investment Manager
Risk Manager
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