The Restaurant Purchase Agreement is essential when transferring ownership of a restaurant business in England and Wales. This document outlines the terms and conditions for the sale, including the purchase price, assets included, assumption of liabilities, transfer of licenses and permits, employee considerations under TUPE regulations, and any property-related matters. It protects both buyer and seller by clearly defining what is being sold, warranties provided, and indemnities offered. The agreement ensures compliance with relevant food safety, licensing, and employment regulations while facilitating a smooth transition of ownership.
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1. Parties: Identification and details of the buyer and seller
2. Background: Context of the transaction and brief description of the business
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including price and payment structure
5. Completion: Timing and mechanics of completion
6. Warranties: Seller's representations about the business
7. Indemnities: Protection against specific identified risks
8. Restrictive Covenants: Non-compete and other restrictive provisions
9. Confidentiality: Provisions regarding confidential information
10. General Provisions: Standard boilerplate clauses including governing law, notices, and entire agreement
1. Property Transfer: Terms for transfer of property ownership or assignment/novation of lease
2. Employee Provisions: TUPE implications and employee transfer arrangements
3. Intellectual Property: Transfer of IP rights, including trademarks and trade names
4. Environmental Provisions: Environmental warranties and indemnities
5. Transition Services: Terms for post-completion support and handover
1. Asset Schedule: Detailed list of physical assets included in sale
2. Property Schedule: Details of premises and property rights
3. Employee Schedule: List of transferring employees and their terms
4. Inventory Schedule: Current stock and inventory listing
5. Licenses and Permits: List of operational licenses and permits
6. Equipment List: Detailed inventory of kitchen and restaurant equipment
7. Warranties Schedule: Detailed seller warranties
8. Disclosed Matters: Disclosures against the warranties
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