Draft and Review Asset Purchase Agreements in Northport

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What is an Asset Purchase Agreement?

 

An asset purchase agreement is a contract between a buyer and seller to purchase a company’s assets. This agreement will outline the terms of the transaction.

What are the key terms of an Asset Purchase Agreement?

 

Parties: clause that outlines the two (or more) parties of the agreement that are involved in the transaction.

 

Assets Being Purchased: clause that clearly lays the asset(s) that are being purchased.

 

Financials: section that defines the purchase price for the asset, when it will be paid, and how.

 

Conditions for Closing: section that outlines what conditions needs to be met before closing can occur.

What issues to keep in mind?

 

Assets Being Purchased – This section of the agreement may sound straightforward, but it is not. For example, let’s say the asset being purchased is a restaurant. But what is included in that? Is it just the building and the land? Will it also include the stoves, walk-in refrigerators, and freezers? How about the tables and decorations? Or even the name and branding? Outline everything included in the purchase, otherwise there will be someone who is very disappointed.

Financials – Make sure to include all aspects of the transaction financials. It is easy to only think about the price for the purchase, but you should also consider when payment is due, how it will be transferred, etc. Clearly outline these things so you are not scrambling at closing.

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