Victoria Contract for Sale of Business
If you're selling assets and stock of a business in the State of Victoria, you need to download the Contract for Sale of Business template.
- The Contract is subject to a 3-day cooling off period during which the Contract may be canceled if the purchaser does not receive independent legal advice or if a similar contract has been entered into between the parties.
- The Contract is also conditional upon the purchaser obtaining sufficient financing to complete the purchase.
- The vendor will transfer the existing lease or negotiate a new lease for the premises, and obtain approvals as required from the landlord and any mortgagee.
- If the parties are unable to agree on the value of the stock, they will submit the determination to an independent stocktaker.
- If the purchaser defaults in payment, the vendor may immediately sue for the unpaid amount.
- If a dispute arises, neither party is at liberty to commence legal proceedings until the parties have attempted to resolve the dispute through mediation.
The Victoria Contract for Sale of Business contains the specific provisions required under Victorian law. Buy yours today.
Last Updated: 14-April-2016