A business contract lawyer can help you write a purchase agreement that will ensure your success. As a business lawyer Orlando FL businesses trust, the Law Office of Frederic E. Waczewski, P.A. knows this firsthand. To learn more about what we can offer you, contact us today.
1) Restrictive Clauses
Each purchase agreement must have restrictive clauses to protect the business from future issues as a result of the previous owner doing something negative to their former business. There are four key clauses that ensure that the business will be protected from the future actions of the former owner. These are: the covenant not to compete, non-solicitation, confidentiality, and non-disclosure. Each of these clauses is fairly basic but if left unincluded, it could result in disaster.
2) Assumed Liabilities
This clause is included in a purchase agreement to ensure that any and all liabilities are handed over to the new owner rather than staying with the previous owner. These include outstanding loans that the business may have from a bank or other institution, payable balances that the business may have to any customers or other parties, and funds owed to a current vendor for products or services to the business. This is another clause that, when excluded could leave the seller at a massive disadvantage.
3) Assumption and Assignment Agreement
This part of the agreement simply states that the purchaser has agreed to take on the entire value of the company and all its items. It states that both of the parties, the seller and the purchaser, agree to the sale of the business itself including all the assets and liabilities included, that there is no other unknown assumption of liabilities unless otherwise stated in the agreement, the actual purchase price of the business, all representations and restrictive clauses as well as warranties that are identified in the agreement, and a variety of other items.
4) Sale of Assets
This is a basic clause that says that the seller consents to sell the business and that the buyer consents to purchase the business.
These essentially state that whatever information the seller has presented is true and allows them to sell their business to the purchaser freely. It may include other representations as needed for the contract to go through accurately and efficiently.
Hire a Business Contract Lawyer
Many of these different clauses need to be written by a legal professional in order to be binding. Many business owners think they can get away with using a template they find online but this can put them in serious jeopardy legally down the line. That is why it is so important for business owners to get the help of a business contract lawyer that they can trust.
If you are searching for a business lawyer Orlando FL trusts, look no further than the Law Office of Frederic E. Waczewski, P.A. We have the tools to help you get your purchase agreement squared away.
The Law Office of Frederic E. Waczewski, P.A. is the business lawyer Orlando FL businesses recommend and we can help you with your purchase agreement. Contact us to learn more.