Buy or sell a business in Illinois with this
Asset Purchase and Sale Agreement.
Under the Agreement, the seller transfers all or part of the assets of a business to a buyer, who is assuming certain liabilities of the business. Provisions of the Agreement cover such essential items as:
- payment schedule setting out the dates on which the buyer must make payments against the purchase price,
- the seller's agreement not to compete with the business for a specified period of time,
- a survival clause which states that each party's covenants and warranties will survive the termination of the Agreement,
- payment of sales taxes and recording fees with respect to the transaction,
- attached schedules listing the assets being sold with the business,
- includes a Bill of Sale, Assignment and Conveyance,
- also includes an Assumption of Obligations Agreement.
This
Illinois Asset Purchase and Sale Agreement template is available as a downloadable and fully customizable MS Word form.
