As you grow your business, you need to improve your workflow. This can be by purchasing new and better equipment, building or acquiring new facilities, or getting patents that will improve your process. If there’s an organization willing to sell any of these assets to you, you’ll need an asset purchase agreement to make it official.
But this also works both ways. Sometimes you can improve your process by selling off extra weight. Maybe you don’t need to make certain materials in-house, and a facility is better off being sold to a partner you can purchase materials from. It’s not uncommon for patents to be useful in processes or technologies in other fields. That revenue can help you build-out. So if you need to make a sale, you would also need a purchase agreement.
Without an agreement, you can’t confirm your new ownership or the payment you’re supposed to receive. To protect yourself as a buyer or seller, contact the corporate law attorneys at Tressler & Associates.
Several details need to be defined and acknowledged in a purchase agreement to assure that the transaction is what everyone is expecting. Without clear guidelines, a seller can try to retain partial ownership, or the buyer can avoid paying a full sum in the way they originally promised. An agreement holds all parties accountable, and to do that, they need to have the following terms defined:
There are specific kinds of assets that an asset purchase agreement can handle. These include physical assets and non-physical assets, such as:
These agreements are for the benefit of buyers and sellers. They provide legal assurances that allow both parties to rest easy knowing they will receive their payment or property. Without an attorney, you can find yourself signing an agreement that can trick you into owing more money or receiving less than you intended. We’ll write up the contract for you and the other party, or in collaboration with their legal team and read between the lines to make sure everything is safe.
Contact our corporate law attorneys at Tressler & Associates so you can acquire or sell the asset you need to.
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