The Simple Business Purchase Agreement is a fundamental commercial contract used in New Zealand for the transfer of business ownership. This document is particularly suitable for small to medium-sized business transactions where the structure is relatively straightforward and the parties seek a clear, comprehensive agreement without the complexity often found in larger corporate acquisitions. It incorporates essential elements required under New Zealand law, including provisions mandated by the Contract and Commercial Law Act 2017 and the Fair Trading Act 1986. The agreement is designed to protect both buyers and sellers while facilitating efficient business transfers, typically used for transactions involving sole traders, partnerships, or small companies where the business assets, rather than shares, are being transferred.
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1. Parties: Identifies and provides full legal details of the buyer and seller
2. Background: Provides context for the agreement and brief description of the business being sold
3. Definitions: Defines key terms used throughout the agreement
4. Sale and Purchase: Core agreement section stating the seller's agreement to sell and buyer's agreement to purchase
5. Purchase Price: Specifies the purchase price, payment terms, and any adjustments
6. Conditions Precedent: Lists any conditions that must be met before the sale becomes binding
7. Completion: Details the completion process, timing, and requirements
8. Seller's Obligations: Lists what the seller must do before, at, and after completion
9. Warranties: Standard warranties given by the seller about the business
10. Restraint of Trade: Restrictions on the seller's future business activities
11. Confidentiality: Obligations regarding confidential information
12. General Provisions: Standard contract clauses including governing law, notices, and dispute resolution
1. Employee Matters: Required when employees are being transferred with the business
2. Lease Assignment: Required when business premises are leased and the lease needs to be transferred
3. Intellectual Property: Required when significant IP assets are being transferred
4. Stock in Trade: Required when the business includes inventory that needs to be valued and transferred
5. Third Party Consents: Required when the transfer requires consent from third parties
6. Transition Services: Required when the seller will provide post-completion assistance
7. Environmental Matters: Required for businesses with environmental compliance obligations
8. Data Protection: Required when customer or employee data is being transferred
1. Schedule 1 - Assets: Detailed list of all assets included in the sale
2. Schedule 2 - Excluded Assets: List of assets specifically excluded from the sale
3. Schedule 3 - Contracts: List of business contracts being transferred
4. Schedule 4 - Employees: Details of employees and their employment terms
5. Schedule 5 - Intellectual Property: List of all IP rights included in the sale
6. Schedule 6 - Properties: Details of any real property or lease arrangements
7. Schedule 7 - Warranties: Detailed warranties given by the seller
8. Schedule 8 - Completion Requirements: Detailed list of tasks and documents required for completion
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Hospitality
Professional Services
Manufacturing
Technology
Construction
Healthcare
Education
Agriculture
Real Estate
Transportation
Food and Beverage
Entertainment
Consulting
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Commercial Operations
Business Development
Risk Management
Compliance
Executive Leadership
Administration
Relevant Roles
Business Owner
Managing Director
Chief Executive Officer
Chief Financial Officer
Commercial Lawyer
Business Broker
Corporate Advisor
Accountant
Business Development Manager
Operations Manager
Due Diligence Officer
Contract Manager
Company Secretary
Finance Director
Small Business Advisor
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