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Answer

An Agreement for Sale and Purchase is a binding contract between the purchaser and the vendor which contains the terms and conditions agreed on by the two parties in respect of the transaction. The form of an agreement for sale and purchase normally adopted by solicitors practising in the Auckland District is the Agreement for Sale and Purchase of a Business Fourth Edition 2008(2). A copy of this document is available to sight by clicking here.

The document contains 90% generic clauses which are generally accepted by the parties involved in a business transaction and provides for the insertion of the specific terms relating to the transaction, for example:

  • purchase price;
  • how GST is to be treated;
  • description of the business;
  • deposit;
  • turnover warranty;
  • restraints of trade on the part of the seller;
  • finance and other conditions;
  • settlement date.

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