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Purchase agreement details terms, conditions of sale Customarily, the buyer's lawyer provides the initial draft of the purchase agreement for a business.

A standard purchase agreement includes this information: Name and contact information for the buyers and sellers. The property's address, description, and other key details. The total purchase price, including any fees and deposits. Statements of fact from the seller about the property's condition.

A letter of intent (LOI) declares the preliminary commitment of one party to do business with another. Before you finalize terms in a legally-binding asset purchase agreement (APA), your LOI establishes the basics like purchase price, assets, liabilities, and other conditions.

What is included in your contract will differ based on your circumstances, but a starting agreement should include: Party information. ... Definitions. ... Purchased assets. ... Purchase price. ... Additional covenants. ... Warranties or disclaimers. ... Indemnification. ... Breach of contract provisions.

The buyer's lawyers will generally prepare the first draft of the share purchase agreement (SPA). However, in addition to precedents which assume that the drafter is acting for the buyer, we also provide precedents for drafters acting for the seller (either preparing a first draft or marking up the buyer's draft).

Who prepares the asset purchase agreement? The buyer's solicitor prepares an asset purchase agreement. The seller's solicitor revises the agreement and advises their client on the terms and conditions. Both sides may then negotiate on the terms until a final agreement is reached.

In general, the buyer's attorney will draft up an asset purchase agreement and send it to the seller's attorney for review. The seller, their merger and acquisition (M&A) advisor, and their attorney will then review the asset purchase agreement to determine whether they agree with the terms.

The asset purchase agreement is typically prepared by the buyer's lawyer. However, it is important to have the agreement reviewed by a business lawyer to ensure that all assets are properly transferred and that the purchase price is fair.