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New Sale of Business Contract2 September, 2009
The LIV and the REIV will launch their September 2009 version of the Sale of Business Contract in early October. Copies will be available at the Law Institute of Victoria’s bookshop.
The new version has an easy to read format with the particulars of sale at the front of the document and a clear definitions and interpretation section and a contents page. There are 23 general conditions and 8 schedules. The agreement takes an even-handed approach, providing safeguards for both the vendor and the purchaser.
The contract deals clearly with matters which have been the source of claims in small business transactions in the past, including: restraint of trade, employee entitlements, apportionment of stock, notices of default, subject to finance, trial periods and liquor licensing.
Practitioners who practice in this area are encouraged to review the new contract.