This form is a Salesperson Percentage Contract. The form provides that the salesperson will diligently pursue and use his/her best efforts to promote the interest of the employer and to obtain sales for the employer.
Ohio Salesperson Contract - Percentage Contract - Asset Purchase Transaction
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State:
Multi-State
Control #:
US-00623
Format:
Word;
Rich Text
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FAQ
A sales agreement is a contract between a buyer and a seller that details the terms of an exchange. It is also known as a sales agreement contract, sale of goods agreement, sales agreement form, purchase agreement, or sales contract.
Transfer (assignment) of contracts. If shares in a company are being sold, then the contracts that the company has with third parties will not need to be changed. However, if assets are being sold, then contracts will need to be assigned or novated (different types of transfer) to the buyer.
Assigning a contract (transferring a contract)Unless an assignment is prohibited in a contract, a party may generally assign the rights (benefit) under the contract to a third party without the consent of the other party. However, you cannot usually assign the obligations (burden) under a contract.
Generally, in an asset purchase, the purchasing company is not liable for the seller's debts, obligations and liabilities. But there are exceptions, such as when the buyer agrees to assume the debts, obligation or liabilities in exchange for a lower sales price, for example.
In real estate, the acronym PID stands for a Public Improvement District. Properties can come together to petition a city to create a PID, a Public Improvement District. When a PID is created, a city can provide additional services to the district including police services, street cleaning, and promotion.
In an asset sale the target's contracts are transferred to the buyer by means of assigning the contracts to the buyer. The default rule is generally that a party to a contract has the right to assign the agreement to a third party (although the assigning party remains liable to the counter-party under the agreement).
While buyer's counsel typically prepares the first draft of an asset purchase agreement, there may be circumstances (such as an auction) when seller's counsel prepares the first draft.
A PID is a Public Improvement District. This basically means an entity that has been created by the city or county to levy a special tax for specific improvements to a specific neighborhood.
In an asset sale, a firm sells some or all of its actual assets, either tangible or intangible. The seller retains legal ownership of the company that has sold the assets but has no further recourse to the sold assets. The buyer assumes no liabilities in an asset sale.
A PID is a nine-digit number that uniquely identifies a parcel in the land title registry of BC. It enables lawyers, notaries, realtors, and other stakeholders to get extensive information about the property.