Illinois Asset Purchase and Sale Agreement

Sell the assets of a business to a purchaser with this Illinois Asset Purchase and Sale Agreement.

Under the Agreement, the seller transfers all or part of the assets of a business to a buyer, who will assume the liabilities of the business. Provisions of the Agreement cover such essential items as:

• payment schedule setting out the dates on which the buyer must make payments against the purchase price,
• the seller's agreement not to compete with the business for a specified period of time,
• a survival clause which states that each party's covenants and warranties will survive the termination of the Agreement,
• payment of sales taxes and recording fees with respect to the transaction,
• attached schedules listing the assets being sold with the business,
• includes a Bill of Sale, Assignment and Conveyance,
• also includes an Assumption of Obligations Agreement.

This Illinois Asset Purchase and Sale Agreement template is available as a downloadable and fully customizable MS Word form.