The Short Form Asset Purchase Agreement is designed for use in Malaysia when parties need to document a straightforward asset purchase transaction without the complexity of a full-length agreement. It is particularly suitable for small to medium-sized transactions where the assets are clearly defined and the transaction structure is relatively simple. This document includes essential elements required under Malaysian law, such as proper party identification, clear asset description, purchase price mechanics, and basic warranties, while omitting more complex provisions that might be found in a long-form agreement. The agreement ensures compliance with key Malaysian legislation including the Contracts Act 1950 and Stamp Act 1949, while maintaining brevity and usability. It's commonly used for transactions involving tangible assets, equipment, or small business assets where extensive due diligence provisions and complex conditions precedent are not required.
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1. Parties: Identification of buyer and seller with full legal names and registration details
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions and Interpretation: Key defined terms and interpretation rules, kept minimal for a short-form agreement
4. Sale and Purchase: Core transaction terms including purchase price and basic payment mechanics
5. Completion: Timing and mechanics of closing, including deliverables
6. Seller's Warranties: Basic warranties regarding ownership, authority to sell, and asset condition
7. Buyer's Warranties: Basic warranties regarding authority to purchase and ability to pay
8. Confidentiality: Basic confidentiality obligations regarding the transaction
9. Notices: How formal notices under the agreement should be given
10. General: Essential boilerplate provisions including governing law, entire agreement, and amendments
1. Conditions Precedent: Include if completion is subject to specific conditions that must be satisfied first
2. Post-Completion Obligations: Include if there are specific tasks or obligations that must be performed after completion
3. Tax Matters: Include if there are specific tax arrangements or allocations between parties
4. Employee Matters: Include if the assets include employees or if employment issues need to be addressed
5. Intellectual Property: Include if IP assets are being transferred
6. Non-Competition: Include if seller needs to be restricted from competing post-sale
7. Third Party Consents: Include if certain assets require third party approval for transfer
8. Dispute Resolution: Include if specific dispute resolution mechanisms beyond courts are desired
1. Schedule 1 - Asset List: Detailed description of all assets being purchased
2. Schedule 2 - Purchase Price Allocation: Breakdown of purchase price across different asset categories
3. Schedule 3 - Completion Deliverables: List of documents and items to be delivered at completion
4. Schedule 4 - Form of Transfer Documents: Templates of any specific transfer documents required
5. Schedule 5 - Excluded Assets: List of specific assets excluded from the sale
6. Schedule 6 - Warranties: Detailed warranties if not included in main agreement
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