A small business purchase contract refers to a contract which is documented when a business entity purchases a small business. The contract specifies the future course of action, the legal limitations, details of involved parties etc. The contract must follow a certain format, hence a sample has been provided below for use by anyone in need.
Sample Small Business Purchase Contract
This contract is being signed between Henderson & Henderson Pvt. Ltd.; and M/s Master Handicrafts on 11th February, 2012.
The contract states that Henderson & Henderson Pvt. Ltd. have purchased the business under the name of M/s Master Handicrafts and that the ownership is transferred to the buyer as on11th February, 2012. The price of the sale has been reached by mutual negotiation between the involved parties.
Details of the Buyer:
Business Name: Henderson & Henderson Pvt. Ltd
Authorized Personnel: Ms. Sally Hopes
Position: C. E. O.
Contact No.: 423-47-348
Official Address: Plot No.5, St. Patrick Lane, Los Angeles, USA.
Details of the Seller:
Business Name: M/s Master Handicrafts
Name: Mr. Johnny Hedrick
Contact No.: 423-48-254
Correspondence Address: Plot No.4, Harry Street, Jacksonville, USA.
Terms and Conditions:
- The contract is legally binding, thus giving either party the right to seek legal assistance in case of a default/ violation.
- The buying firm reserves the right to continue or dismantle the present business as suited to their business plan.
- The buying company may negotiate with the sellers in regard to use of the name, this aspect has not been negotiated.
_________________________ (Ms. Sally Hopes)
_________________________ (Mr. Johnny Hedrick)