The Contract For Sale Of Business is a crucial document used when transferring ownership of an entire business operation in Belgium. It is essential for transactions involving the sale of going concerns, whether through asset or share transfers, and must comply with Belgian legal requirements and EU regulations. This document is particularly important as it needs to address specific Belgian law considerations, including mandatory employee protection provisions, tax implications, and corporate governance requirements. The agreement typically includes comprehensive details about the business being sold, purchase price mechanisms, warranties, and various schedules detailing assets, contracts, and employees. It serves as the primary transaction document that governs the rights and obligations of both the seller and purchaser throughout the sale process and post-completion period.
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1. Parties: Identification of the Seller and Purchaser with full legal details
2. Background: Context of the transaction and brief description of the business being sold
3. Definitions and Interpretation: Defined terms and rules of interpretation for the agreement
4. Sale and Purchase: Core transaction terms including what is being sold and excluded from the sale
5. Purchase Price: Purchase price, payment terms, and any price adjustment mechanisms
6. Completion: Timing and mechanics of completion, including conditions precedent
7. Pre-Completion Obligations: Seller's obligations regarding business operation between signing and completion
8. Completion Deliverables: Documents and items to be delivered at completion by each party
9. Employee Matters: Treatment of employees, including transfer of employment contracts per Belgian law
10. Warranties: Seller's warranties about the business, its assets, and operations
11. Warranty Limitations: Limitations on warranty claims including time limits and financial caps
12. Tax Matters: Tax-related provisions, indemnities, and allocations of responsibility
13. Confidentiality: Obligations regarding transaction and business confidentiality
14. Non-Competition: Restrictions on Seller's competing activities post-completion
15. Notices: Process for formal communications between parties
16. General Provisions: Standard boilerplate clauses including governing law and jurisdiction
1. Real Estate: Required when business premises are owned rather than leased, covering property transfer specifics
2. Intellectual Property: Detailed IP provisions when the business has significant IP assets
3. Environmental Matters: Required for businesses with environmental risks or compliance obligations
4. Data Protection: Detailed GDPR compliance provisions when significant personal data is involved
5. Bank Guarantees: When purchase price includes guaranteed elements or deferred payments
6. Earn-out Provisions: When part of purchase price is contingent on future performance
7. Transitional Services: When Seller will provide services to Purchaser post-completion
8. Pensions: Required when business has significant pension obligations
1. Business Description: Detailed description of the business being sold
2. Assets Schedule: Comprehensive list of assets included in the sale
3. Excluded Assets: List of assets specifically excluded from the sale
4. Employee Information: Details of transferring employees and their employment terms
5. Properties: Details of owned or leased properties
6. Material Contracts: List and copies of key business contracts
7. Intellectual Property: Schedule of owned and licensed IP rights
8. Warranties: Detailed warranties about the business
9. Completion Deliverables: List of documents and items required at completion
10. Permitted Encumbrances: List of permitted liens and encumbrances on assets
11. Tax Computations: Relevant tax calculations and allocations
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