Asset Purchase and Sale Agreements
A purchase or sale of business assets from one party to another will usually require the parties to enter into a legally binding contract. These agreements may be referred to as an Asset Purchase Agreement or a Purchase and Sale Agreement. Our attorneys can assist you in drafting or reviewing Asset Purchase Agreements and other similar documents to ensure that the agreement is legally binding and provides needed protections to you, whether you are the buyer or seller. These documents contain important provisions concerning the responsibilities and liabilities of both parties, so it is important to have a professional on your side.
An Asset Purchase Agreement should contain the specific list of assets being sold. The list can include real property, inventory, or any other tangible or intangible asset. The agreement should also state:
- whether the liabilities associated with those assets are to be assumed by the purchaser;
- the purchase price and the exact terms of payment;
- any warranties and/or representations made by each party;
- a detailed listing of conditions that must occur before the closing; and
- other provisions, such as a non-compete agreement or an indemnification provision.
If you need assistance in purchasing or selling an asset, or if you have concerns about an existing purchase or sales agreement, feel free to contact us for a consultation. Our firm’s business attorneys are experienced in business matters as well as a range of other practice areas including tax, real estate, employment, workers’ compensation, bankruptcy, contracts and intellectual property. Call our business law team at 336-379-1390 to schedule your consultation today.
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