The specific clauses that should be included in a purchase agreement will depend on the details of the transaction and the parties involved. However, some common clauses that might be included in a purchase agreement for the purchase of a majority ownership interest in a business could include:
A description of the property or assets being purchased, including any real estate, equipment, or intellectual property
The purchase price and payment terms
Any contingencies or conditions that must be satisfied before the sale can be completed
Any warranties or representations made by the seller regarding the property or business being sold
Indemnification provisions to protect the buyer against any claims or liabilities arising from the transaction
A clause specifying the governing law and jurisdiction for the agreement
A clause outlining the procedures for resolving disputes
It is important to consult with an attorney when drafting or reviewing a purchase agreement to ensure that all necessary clauses are included and that the agreement is legally enforceable. This is not legal advice. However, if you like to schedule a consultation to discuss drafting a purchase agreement, please contact us at (202) 499-2403 or 1(833) CALLJKW (225-5559).