The Preliminary Sales Agreement is commonly used in England and Wales when parties wish to formalize their initial understanding of a proposed sale while maintaining flexibility for further negotiation. This document typically precedes a final sale agreement and includes essential terms such as price, payment structure, and conditions precedent. It provides a framework for due diligence and helps protect both parties' interests during negotiations. The agreement is particularly useful for complex transactions where detailed investigation of the subject matter is required before proceeding to final sale.
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1. Parties: Identification and details of all parties entering into the agreement
2. Background: Context of the transaction and purpose of the preliminary agreement
3. Definitions: Key terms used throughout the agreement and their meanings
4. Subject Matter of Sale: Detailed description of goods/services/property to be sold
5. Price and Payment Terms: Agreed price, payment schedule, and payment methods
6. Duration and Termination: Timeline of the agreement and circumstances for termination
7. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law
1. Due Diligence: Terms for investigation and verification of assets/business - used for complex commercial transactions or business sales
2. Conditions Precedent: Conditions that must be met before proceeding to final sale - used when certain prerequisites need to be satisfied
3. Exclusivity: Terms preventing seller from negotiating with other parties - used when buyer requires exclusive negotiation rights
4. Confidentiality: Provisions for handling sensitive information - used when commercially sensitive information is involved
1. Asset Schedule: Detailed list of assets included in the proposed sale
2. Due Diligence Requirements: List of documents and information required for due diligence
3. Payment Schedule: Detailed breakdown of payment terms and installments
4. Form of Final Sale Agreement: Draft or outline of the intended final sale agreement
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