Notification concerning business (optional condition)

Notification concerning business (optional condition)

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This document is a condition which can be used in a business sale agreement.

When buying a going concern, a buyer should require the vendor to provide a full disclosure of employee entitlements, apportionable outgoings and trade creditors of the business. The agreement should be conditional on the provision of this information.

Using this precedent

This precedent clause is a condition precedent which can be used in a business sale agreement. It can also be inserted into the “conditions precedent” schedules of 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 Lexis Nexis by Jeremy Kriewaldt, Partner, Atanaskovic Hartnell and Elise Margow, Principal, Legally Speaking.

This document is prepared with the assistance of Specialist Editor Murray Landis, Partner, K&L Gates.