Standard Business Sale Agreement
A business purchase contract is often accompanied by many other supporting documents. This may include a sales contract, copies of lease agreements, customer and supplier agreements. Intellectual property, such as recipes, user manuals, trademarks, copyrights and patents, could also be attached. In addition, all the benefits of this purchase agreement are for the sole benefit of the parties concerned and, under no circumstances may a third party beneficiary participate in this contract under the applicable conditions. Until the closing of all sales documents, the seller maintains non-life insurance without any change in the amount of insurance. When employees are transferred with the company, elements of labour law may apply. For example, the Fair Work Act 2009 addresses issues such as accrued annual leave and long-term leave when a business is sold. .