The Business Sale Offer And Acceptance Agreement is typically used in England and Wales as the first formal step in a business acquisition process, following initial negotiations but preceding the detailed sale and purchase agreement. It captures the essential commercial terms agreed between the parties, including price, payment structure, and key conditions. This document provides a framework for further due diligence and detailed negotiations while giving both parties comfort that the core terms are agreed. It's particularly useful in complex transactions where the full sale agreement may take considerable time to negotiate and complete.
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1. Parties: Details of the seller and buyer, including registered addresses and company numbers
2. Background: Context of the transaction and brief description of the business being sold
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including price and payment terms
5. Completion: Details of when and how the sale will complete
6. Warranties: Seller's assurances about the business condition
1. Due Diligence: Process for buyer investigation of the business - used for larger transactions or when specifically requested
2. Employee Provisions: TUPE-related terms - included when employees are being transferred as part of the sale
3. Property Transfer: Terms relating to property transfer - included when real estate is part of the sale
4. Non-Compete Clauses: Restrictions on seller's future business activities - included when protecting goodwill is crucial
1. Asset Schedule: Detailed list of assets included in the sale
2. Employee Schedule: List of transferring employees and their terms
3. Property Schedule: Details of any real estate included in the sale
4. Intellectual Property Schedule: List of transferring IP rights
5. Warranties Schedule: Detailed warranties given by the seller
6. Completion Requirements: Checklist of actions required for completion
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