Assignment of Contract to Third Party

Sell the assets of a franchise business to a new franchisee with this Asset Purchase Agreement for Canadian franchises.

• The purchaser will purchase the assets of the franchise business, including inventory, parts and any equity the vendor has in the leased equipment.
• The purchaser will assume the responsibilities of a franchisee under the main Franchise Agreement with the franchisor.
• The purchaser is not obligated to assume or perform any obligation of the vendor except for the equipment leases which the purchaser has accepted prior to closing.
• The purchaser will assume the premises lease from the vendor.
• The purchase price is (i) cost less depreciation for inventory for inventory and (ii) actual cost for parts.
• The Asset Purchase Agreement is governed by Canadian laws. It does not contain references to specific provincial franchising laws and regulations and can be modified for use in most provinces and territories of Canada except for Quebec.

Insert this No Finder's Fee clause into an Asset Purchase Agreement for a transaction which has no commission or finder's fee payable on the sale.

Download the free file in MS Word format, or copy and paste the text below.

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NO FINDER'S FEES

The Vendor and the Purchaser do hereby warrant each to the other than neither has done any act which would incur or require the payment of any finder's fees or commissions of any nature whatever payable either in connection with this Agreement, any matter or thing contemplated hereby or the transaction of purchase and sale provided for herein.

This standard form USA Asset Purchase Agreement includes a set of schedules and documentation you need to transfer the assets of the business from the seller to the buyer. The package contains:

1. Asset Purchase Agreement setting out the terms and conditions of the purchase and sale;
2. Schedule of Definitions used in the Agreement;
3. Representations and warranties of the seller regarding the corporate status of the business, contractual obligations, taxes, financial statements, condition of the assets, and other material items;
4. Miscellaneous standard contract provisions, including a bulk sales law compliance provision;
5. Non-Competition Agreement to be signed by the seller.

You can customize and tailor the USA Asset Purchase Agreement template to fit the specific conditions of your transaction. This digital download can be used for brokered and non-brokered sales.