Ontario Schedule to Asset Purchase Agreement for Restaurant

You can easily write an offer to buy the assets and property of a restaurant with this downloadable template Offer to Purchase for the Province of Ontario.

• The offer becomes a legally binding agreement of purchase and sale once it has been accepted by the seller.
• On closing, the buyer will pay the seller the value of liquor, food and beverages on hand, valued at either cost or net realizable value, whichever is lower.
• The buyer is not required to purchase inventory older than two months or inventory which is unsaleable or unusable.
• The buyer is responsible for remitting the GST applicable to the sale. The buyer will also pay retail sales tax on the purchased assets.
• The seller will give the buyer reasonable access to the premises, books and records of the business to enable the buyer to conduct its due diligence investigation.
• The agreement contains the standard representations and warranties of each party.
• The seller agrees not to carry on or be involved with a competing business within an agreed proximity to the restaurant, and will not solicit customers or employees from the business.
• The Offer to Purchase form is intended for use within the Province of Ontario, Canada.

Restaurant Management Agreement Overview

This document is a fully editable Restaurant Management Agreement, designed to facilitate the hiring of a manager responsible for overseeing the daily operations of a restaurant. The agreement can be easily tailored to meet specific requirements and is available for immediate download in Microsoft Word format.

Manager's Duties

The manager’s core responsibilities include hiring and training all restaurant staff to ensure smooth operations. Additionally, the manager is responsible for creating both food and beverage menus, setting menu pricing, and establishing appropriate dress codes for staff and guests. The manager must also obtain all necessary licenses and permits required to operate the restaurant and ensure that the establishment is maintained and managed in full compliance with the owner’s specified operating standards.

Marketing

The manager is tasked with establishing, overseeing, and supervising all marketing, advertising, and promotional campaigns aimed at supporting and growing the restaurant’s business.

Limitations on Manager's Authority

The manager’s authority is specifically limited in certain areas. The manager is not permitted to enter into any lease or license agreements, nor can the manager incur any financial obligations beyond ordinary trade debt. The manager is also prohibited from acquiring capital assets, borrowing money, or mortgaging or otherwise encumbering the business.

Insurance Requirements

It is the manager’s responsibility to secure and maintain all necessary insurance coverages for the restaurant. This includes, but is not limited to, liability insurance, all-risk coverage, worker’s compensation, disability insurance, and business interruption coverage.

Labor Agreements

All negotiations pertaining to labor union collective bargaining agreements are the sole responsibility of the restaurant owner, not the manager.

Other Terms

The agreement includes detailed provisions governing the termination of the management arrangement, as well as terms regarding the transfer of restaurant operations from the manager to the owner or to a replacement manager, as applicable.

Generic Contract and Customization

This Restaurant Management Agreement is a generic legal document that does not reference the laws of any specific country or jurisdiction. As such, it can be readily customized to address the unique needs and circumstances of any restaurant operation.

Obtaining the Form

The Restaurant Management Agreement will download to your device immediately after purchase and is provided in an editable MS Word format for convenience.