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Sale of business contract update

Briefs

Cite as: July 2014 88 (07) LIJ, p.14

The sale of business contract has been updated. An external law firm was engaged to redraft the contract in consultation with a sub-committee of the Business Law Committee of the LIV, including accredited specialists in the areas of business law, property law and workplace relations law.

After extensive member engagement and feedback, the previous style of the 2000 contract has been re-adopted to help make the contract more streamlined for practitioners to use.

The contract has been prepared to be fairly balanced to both vendors and purchasers with clearly identifiable obligations and time frames.

The contract has also been redesigned to identify lease and transfer of lease obligations together with standard adjustments that are normally undertaken at settlement.

Comprehensive conditions are contained in the contract in relation to the obligations of both parties pursuant to the Personal Property Securities Act.

The layout of the Particulars of Sale page has been designed to assist and prompt practitioners to complete the contract, and together with easy to read and concise schedules, makes it easy to quickly pinpoint key provisions of the contract.

While the contract has been prepared for small to medium transactions, practitioners should be aware that the use of special conditions will still be required to tailor the contract to individual transactions.

The contract is available for purchase online or at the LIV Bookshop ph 96079348.

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