£24,950 is the price plus £970 interest
You are to complete a week today
Deposit is £50k
Seller sells everything except for excluded liabilities, trade creditors, debts etc
Purchase price is in schedule 1 - , to be paid by bank transfer
Buyer pay deposit and rest of payments (but doesnt say how much). If late on instalments entitled to charge interest
Buyer to pay all wages etc
To draw up effectively a balancing invoice (who owes what) within 10 days. If disagreement referred to expert
Any liability ends Nov 16. I would be weary of this - because it means that what happens after November 16 you are liable for. I would want a bit longer.
Prices are ex VAT
Employees subject to TUPE provisions and seller will continue to pay up to the effective date of sale
Seller also confirms they are paid up to date and nothing owing after this
Buyer agrees to take on contracts,
Buyer does not get book debts, these remain with seller. I would be weary of this too -surely you would get everything? But you need to balance this against the creditors. Seller doesnt get creditors or book debts
You agree to keep this agreement and terms confidential
The agreement can be varied but in writing and signed by both parties
Governed by law of England and Wales, if a part of this agreement is deemed unenforceable by Court, it does not affect the whole agreement, does that term
Schedule 1 shows assets and goodwill
Schedule 2 shows actual equipment
3 - process for completion
4 - employees
Its a fairly standard agreement. You just need to be aware that after November any liability ends and that you dont get the creditors or book debts.
Can I clarify anything for you about this today please?