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Buy And Sell Agreement for Australia

Buy And Sell Agreement Template for Australia

A comprehensive legal document governed by Australian law that facilitates the transfer of assets, goods, or business interests between a seller and buyer. This agreement outlines the terms and conditions of the sale, including purchase price, payment terms, warranties, and transfer of title. It incorporates relevant Australian legislative requirements, including consumer protection laws, GST considerations, and state-specific regulations. The document provides clear mechanisms for completion, risk transfer, and dispute resolution while ensuring compliance with Australian contract law principles.

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What is a Buy And Sell Agreement?

The Buy and Sell Agreement is a fundamental commercial document used in Australian business transactions to formalize the transfer of assets, goods, or business interests between parties. It is particularly crucial when significant assets or business interests are being transferred, requiring detailed documentation of terms, conditions, and obligations. This agreement type is designed to comply with Australian federal and state legislation, including the Competition and Consumer Act 2010, relevant Sale of Goods Acts, and Australian Consumer Law. The document typically includes comprehensive details about the transaction, warranties, representations, and specific provisions for completion and post-completion obligations. It serves as a vital tool for risk management and providing legal certainty for both buyers and sellers in Australian commercial transactions.

What sections should be included in a Buy And Sell Agreement?

1. Parties: Identification and details of the buyer and seller, including ABN/ACN if applicable

2. Background: Context of the transaction and brief description of the subject matter of the sale

3. Definitions: Defined terms used throughout the agreement

4. Sale and Purchase: Core transaction terms including the assets/goods being sold and purchased

5. Purchase Price: Agreed price, payment terms, and method of payment

6. Completion: Details of when and how the sale will be completed, including delivery or transfer arrangements

7. Warranties and Representations: Seller's warranties about the assets/goods and buyer's acknowledgments

8. Title and Risk: Terms regarding transfer of title and risk in the assets/goods

9. GST: GST treatment of the transaction and related obligations

10. Confidentiality: Obligations regarding confidential information

11. Default and Termination: Consequences of breach and termination rights

12. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution

What sections are optional to include in a Buy And Sell Agreement?

1. Due Diligence: Used when buyer requires a due diligence period to investigate the assets

2. Conditions Precedent: Include when completion is subject to specific conditions being satisfied

3. Employee Matters: Required when the sale involves transfer of employees

4. Intellectual Property: Include when IP rights are part of the sale

5. Post-Completion Obligations: Used when parties have ongoing obligations after completion

6. Non-Competition: Include when restraint of trade provisions are required

7. Third Party Consents: Required when the sale needs approval from third parties

8. Transitional Services: Include when seller will provide services to buyer post-completion

What schedules should be included in a Buy And Sell Agreement?

1. Asset Schedule: Detailed description of all assets being sold

2. Purchase Price Breakdown: Itemized breakdown of the purchase price

3. Form of Transfer Documents: Templates of documents required for transfer of assets

4. Excluded Assets: List of assets specifically excluded from the sale

5. Encumbrances: List of any existing encumbrances on the assets

6. Completion Checklist: List of actions required for completion

7. Due Diligence Requirements: Specific requirements and timeframes for due diligence

8. Warranties: Detailed warranties given by the seller

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Australia

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions


































Clauses





































Relevant Industries

Retail

Manufacturing

Professional Services

Technology

Real Estate

Agriculture

Mining

Construction

Healthcare

Hospitality

Automotive

Education

Transport and Logistics

Media and Entertainment

Relevant Teams

Legal

Finance

Operations

Procurement

Risk Management

Compliance

Corporate Affairs

Business Development

Commercial

Executive Leadership

Relevant Roles

Chief Executive Officer

Managing Director

Chief Financial Officer

Commercial Director

Legal Counsel

Corporate Lawyer

Business Development Manager

Operations Manager

Finance Manager

Procurement Manager

Risk Manager

Compliance Officer

Company Secretary

Business Owner

Asset Manager

Contract Administrator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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