Business Purchase Agreement (COVID warranties)
A business or asset sale is the transfer of assets which make up a business from a seller to a buyer. This Business Purchase Agreement (BPA) has been drafted specifically to consider the COVID-19 pandemic and the associated legal and business risks involved in an asset or business sale taking place during the pandemic.
This template is based on our standard BPA and includes additional warranties to cover the business fallout and uncertainty created by the pandemic. The extent to which a business may be affected will vary from business to business, but most buyers will want increased warranty protection considering the important changes COVID-19 has introduced to employment law and health and safety regulation, as well as the potential impact on the business’s customers and supply chain, legal and regulatory compliance and business continuity.
The COVID warranties included in this template are only a starting point and customers may need to add to them depending on the business concerned.
Business sales can be complex, and this template has been specifically drafted to be short form and designed for a relatively simple transaction.
This template does not include a guarantee and importantly, other than provisions related to VAT, does not include any tax provisions or tax warranties. Independent tax advice must be sought.
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