A selling business contract is an official understanding between two interested organizations and individuals in order to finalize certain objects such as price allocation, selling transaction and marketing attributes of a business.
Sample Selling a Business Contract
Contract Number: 123- T
This selling business contracted is entered on October 20th, 2010 by and between Mr. Peter Person hereinafter called the seller organization, located at: 23/ H- I, Steven Colony, Toronto, Canada
Mr. Jim Timberlake, hereinafter called as the lessee organization, hereinafter known as the buyer organization, residing at: 34/ D, Ext: 15, Baker Street Toronto, Canada.
Underneath are the agreed term & conditions to be followed by both the organizations:
The seller organization is selling the business inclusive of five units. The seller organization will transfer the power of attorney and important legal documents to the name of the buyer organization. After this, the seller organization will have no more control over the sold business.
Cost of Business:
The cost of business units are as following:
Available stock: $7800
Inventory: $ 6700
Total business cost: $ 21500
Method of payment:
The Buyer organization will make 80% of the payment on the time of nominee transfer and the rest 20% will be handed over on the completion of the documentation. The mode of payment will be cash only.
After the total money transfer, the buyer organization will be considered as the new owner of the business. The effective date of contract transfer is: October 25th, 2010 and so on.
The processing fees inclusive of solicitor charges and small legal payments will be adjusted by both the parties.
Hereby, both the parties are requested to sign the business contract to confirm the acceptance:
Signature of the Auspicated Person: (Seller Organization): Designation
Lena Carry C.E.O
Signature of the concerned person (Buyer organization): Designation
Mia Anderson C.E.O