The Sale and Purchase Agreement

Sale & Purchase Agreement
The purchase agreement consists of documentation that contains all the information concerning the sale.

Some information that needs to be in the agreement includes:

• The names and addresses of the parties.
• The names and addresses of the accountant and solicitors
• The names and addresses of he business broker involved (if any).
• The price of the franchise being sold.
• Details of what is actually being sold.
• Details of stock (if any)
• The finance arrangements.
• The date of the sale.
• Where the franchise will be sold.
• Any other agreements between the seller and the buyer.
• Any documentation regarding loans.
• Details regarding the lease.
• Any other notes that affect the buyer.
• Restraint of trade clauses.
• Any other special conditions

It is usually the buyer’s responsibility to draft up the documentation for the purchase agreement through his/her lawyer and then send to the seller for acceptance. In practice, however, the seller will alr...