Business purchase contract refers to the legal document which is framed when an individual or an entity purchases a new business venture. The contract official records the business purchase, where one of the involved parties makes the purchase of a business and the other sells it. The document records all the relevant details of the arrangement, the parties involved and the relevant dates etc. A sample business purchase contract is given below.
Sample Business Purchase Contract
Date of contract signing: 27th December 2012
This contract has been framed by and is being entered between Harper Jones Corporation Ltd. (to be referred to as the buyer) and Billy James Manufacturers Ltd. (to be referred to as the seller) on the above mentioned date.
The contract states that the buyer has purchased a business from the mentioned seller. The details of the business purchased are given along with the details of the parties and the terms of arrangement. The contract certifies the transfer of the mentioned business.
Details of buyer:
Name: Harper Jones Corporation Ltd.
Under Signatory: Mr. Nick Jones
Office Location: 56, Piston Street, Pennsylvania, USA.
Contact No.: 158954735
Details of seller:
Name: Billy James Manufacturers Ltd.
Under Signatory: Ms. Faith James
Office Address: 4873, St. Peter Avenue, Pennsylvania, USA.
Contact No.: 754155562
Details of the business:
Name: James Clothing Ltd.
Description of the business: A clothing manufacturing and distributing unit. The established brand name is attached with the unit.
Terms and Conditions:
8. Both the parties agree to the terms of the contract and agree to abide by it.
9. The business purchase implies a complete transfer of ownership to the seller.
10. The buyer has paid 70% of the selling amount to the seller. The rest is to be cleared within the 5 days of signing of the contract.
Mr. Nick Jones Ms. Faith James