Verification of assets (optional condition)

Verification of assets (optional condition)

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This document is an optional condition which can be used in a business sale agreement, for the sale of assets.

When a party conducts a sale of business assets, it is very important for the purchaser to negotiate, as a condition of purchase, the existence of the assets to be purchased.

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” schedule of the separate precedent “Business sale agreement – sale of assets (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 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.