This document is an optional clause which can be used in a business sale agreement.
This clause provides additional detail of the effect on the agreement when termination occurs as a result of conditions precedent not being fulfilled.
Using this precedent
This precedent clause can be used in a sale of business agreement. It can also be used as a replacement clause in the separate precedents “Business sale agreement – sale of assets (short form)” and “Business sale agreement – sale of shares (short form)”.
When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.
This document has been authored for LexisNexis by Elise Margow, Principal, Legally Speaking.
This document is prepared with the assistance of Specialist Editor Murray Landis, Partner, K&L Gates.