This Asset Sale Agreement is a legal contract between a Vendor, who owns or has an interest in specific assets, looking to sell these assets to a Purchaser for a predetermined price. This type of agreement can be beneficial when a business owner wants to sell their business or specific assets of the business, or when a potential buyer sees value in acquiring these assets.
The Vendor retains ownership of the assets until the purchase price is received. If payment has not been received, the Purchaser acts as the Vendor's bailee and fiduciary agent. The agreement grants the Vendor the right to enter the premises and repossess the assets in case of a breach of the agreement by the Purchaser.
What does the Assets Sale Agreement Include?
- Purchase price.
- Completion date.
- Allocation of risk.
- Confidentiality and dispute resolution.
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