Most businesses engage in business transactions on a day-to-day basis. Whether it is by providing a service, by supplying or acquiring goods, or by production.
Some businesses, however, do not conduct such transactions in a manner that provides them with the protection that they need. When transactions are not properly documented, a business may be at the mercy of the other party to honour their word and promise and to act in good faith. Even in such instance where the other party has acted in good faith, the business may still be exposed to other liabilities where either a third party commences legal proceedings or the other party, being the other party to the transaction, becomes insolvent or struggles financially.
Business sale of business contract
The first and main transaction in a business is the sale or purchase of the business itself. Such transaction must always be conducted using a legal representative. Otherwise, either party may take a tremendous amount of risk by not documenting such transaction and by not considering the various aspects of a sale or a purchase of a business. This is especially the case when the value and the purchase price of the business is a relatively large amount. There are various issues to be considered when buying or selling the business. We recommend that you visit our sale of business page in our website for more information.
Almost all businesses require some form of a supply agreement. A supply agreement is a necessary agreement that all businesses should have a pre-forma template in order to use in all its supply agreements, whether it is acquiring, or providing supplies.
There are various other agreements that must be acquired when a business conduct a transaction. Each business may require a contract or an agreement that is suitable to its own operation.
How can we help you?
If you wish to reduce the risk that you may or may not be aware of when conducting transactions, or if you have any questions or require any assistance, contact our office for a consultation.