The Asset Purchase Agreement Employees is essential in Singapore business transactions where a company acquires another entity's assets and needs to transfer the associated workforce. This document is crucial for ensuring compliance with Singapore's employment laws, particularly Section 18A of the Employment Act regarding transfer of employment. It outlines the terms of employee transfer, addressing continuity of service, preservation of employment terms, treatment of existing benefits, and handling of employment-related liabilities. The agreement is particularly important in mergers, acquisitions, and business restructuring scenarios.
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1. Parties: Identification of buyer and seller, including company registration details
2. Background: Context of the transaction and brief description of the business being transferred
3. Definitions: Key terms used tHRoughout the agreement including 'Transfer Date', 'Transferring Employees', 'Employment Liabilities'
4. Sale and Purchase of Assets: Details of assets being transferred and consideration
5. Transfer of Employees: Terms and conditions of employee transfer, including continuation of employment terms
6. Employee Benefits and Entitlements: Treatment of existing benefits, accrued leave, and other entitlements
7. Seller's Warranties: Warranties regarding employee information, contracts, and liabilities
8. Completion: Details of completion mechanics and timing
9. Post-Completion Obligations: Obligations of both parties after completion, including employee communications
10. Confidentiality: Provisions regarding confidential information and employee data protection
11. Governing Law and Jurisdiction: Singapore law as governing law and jurisdiction provisions
1. Foreign Employee Provisions: Special provisions for work permit holders and immigration matters when transferring foreign employees
2. Union Consultation: Provisions regarding union consultation process when unionized employees are involved
3. Pension Arrangements: Special provisions for pension schemes beyond CPF when additional pension arrangements exist
4. Non-Compete and Non-Solicitation: Restrictions on seller's ability to compete or solicit transferred employees
5. Tax Indemnities: Specific tax-related indemnities relating to employee matters
1. Schedule 1 - List of Transferring Employees: Details of all employees being transferred including positions and current terms
2. Schedule 2 - Employee Benefits: Detailed list of current employee benefits and treatment post-transfer
3. Schedule 3 - Employment Contracts: Template of new employment contracts or transfer letters
4. Schedule 4 - Employee Claims and Litigation: List of ongoing employment disputes or claims
5. Schedule 5 - Work Permits: Details of work permits and immigration status for foreign employees
6. Schedule 6 - Employee Policies: Key company policies affecting transferred employees
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