An asset purchase contract is a written agreement where one company buys another company or its assets and the contract outlines the assets and liabilities to be sold. By asset we mean real estate, land, machinery, intellectual property etc. Asset purchase contracts may come with liabilities and the buyer must be made aware of them before he buys the asset.
Sample Asset Purchase Contract:
This asset purchase contract is entered on March 24, 2011 by and between the following parties:
DETAILS OF BUYER
Name: KLP Mall
Address: The Cube, Las Vegas
Phone number: 7028273847
DETAILS OF SELLER
Name: Gemini Real Estate
Address: Sunny Springs, Las Vegas
Phone number: 7028181886
Type: Land and office building
Address: Clearview High, Las Vegas
Area: 1 acre land and 25,000 sq feet office
TERMS AND CONDITIONS
- The buyer agrees to purchase the asset mentioned above and the seller agrees to sell the asset for a sum of $50,000, which shall be paid in two instalments by cheque over a period of 6 months.
- The buyer shall from now onwards be regarded as the sole owner of the asset and have full right to use the asset for any purpose he wishes so.
- The assets purchased shall collectively mean all the tangible property, fixture, machinery and land.
- All obligations and liabilities related to the asset now rest with the buyer.
- Upon completion of closing, the seller shall fully transfer the rights of the asset to the buyer.
Both parties understand and agree to terms mentioned above.
Signature: KLP Mall
Signature: Gemini Real Estate