What is an Agreement of Purchase and Sale of Business Assets?
Agreement of Purchase and Sale of Business Assets, often known as a business purchase agreement or an APA, is a written legal document that formalises the purchase of a business or substantial corporate asset. It explains the deal’s structure, price, limits, warranties and other legalities both parties agree to.
When a corporation wants to buy assets from another, it informs the seller of its intention to buy. A letter of intent marks the beginning of the negotiating process in which both parties agree on a price, terms, contract structure, and other transactional information.
Why use an Agreement of Purchase and Sale of Business Assets ?
When a buyer agrees to buy a company’s obligations and assets, this is known as an asset purchase. As a result, the buyer assumes both the benefits and hazards of the asset or business transaction.
The ownership of an asset is transferred from the previous entity to the new one after an asset purchase is completed. Asset purchases, in general, are accompanied with protocols and formalities.
An asset purchase agreement can be used in a variety of situations. When buyers and sellers wish to have more control over the transaction, these contracts are useful. In addition, the APA could be part of a larger transaction like a joint venture (JV) or the sale of a commercial entity.
Format: Microsoft Word (.doc) (.docx)
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