When a business entity sells a business operation/ unit or firm to some other entity they need to record this transaction so as to legalize the arrangement which has been reached between the involved parties and this document is known as a sale of business contract. The contract given below is a sample of a contract between two business organizations wherein one of the entities is selling a business to the other entity.
Sample Sale of Business Contract
This contract is being entered between Hilton Business Group Ltd and M/s Bullion Publications Ltd. as on the 17th day of February, 2012.
The contract certifies the sale of the business under the name M/s Bullion Publications to Hilton Business Group Ltd., and that the ownership is transferred as on 17th February, 2012. The sale is being made at a price which has been mutually negotiated between the involved parties. All the dues in reference to this sale have been cleared before the signing of the contract.
Details of the Seller:
Business Name: M/s Bullion Publications Ltd.
Authorized Personnel: Ms. Kathy Jackson
Position: Chief Executive Officer
Contact No.: 873-49-923
Details of the Buyer:
Business Name: Hilton Business Group Ltd
Authorized Personnel: Mr. Jonathan Hedrick
Contact No.: 873-45-234
Terms and Conditions:
- The sale of the business grants the buyer the right to make all the decisions regarding the finances of the business from the date of transfer.
- The sale does not bind the buyer into carrying on with the current employees or the current name. The buyer may make changes as suited to their own needs.
_________________________ (Ms. Kathy Jackson)
_________________________ (Mr. Jonathan Hedrick)