The Restaurant Sale Agreement is essential when transferring ownership of a restaurant business in England and Wales. This document is used to formalize the sale of restaurant operations, covering everything from physical assets to intellectual property rights. It ensures compliance with relevant food safety regulations, licensing requirements, and employment laws, particularly TUPE regulations. The agreement protects both parties by clearly defining what is included in the sale, the terms of payment, and any warranties or representations made by the seller.
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1. Parties: Details of the seller and purchaser of the restaurant business
2. Background: Context of the sale and brief description of the restaurant business being sold
3. Definitions: Key terms used throughout the agreement including Business, Assets, Employees, Premises, etc.
4. Sale and Purchase: Core terms of the transaction including purchase price, payment terms, and what constitutes the business being sold
5. Assets Included in Sale: Comprehensive description of all assets being transferred including equipment, inventory, intellectual property, and goodwill
6. Completion: Details of the completion date, completion requirements, and transfer process
7. Warranties: Seller's warranties regarding business operations, compliance, employees, assets, and financial statements
8. Employee Provisions: TUPE implications, employee transfers, and related employment matters
1. Property Assignment/Transfer: Terms for transfer of freehold property ownership when premises are owned rather than leased
2. Lease Assignment: Terms for transferring existing lease agreement and obtaining landlord consent where premises are leased
3. Non-Competition Covenant: Restrictions on seller's future business activities to protect the purchased business's goodwill
4. Post-Completion Services: Terms for any transitional services or training to be provided by seller after completion
1. Schedule 1: Asset Register: Detailed inventory of all tangible and intangible assets included in the sale
2. Schedule 2: Property Details: Details of premises including lease terms or freehold information
3. Schedule 3: Employee Information: List of employees, their roles, length of service, and key employment terms
4. Schedule 4: Licenses and Permits: Details of all operational licenses, permits, and certifications
5. Schedule 5: Warranties: Comprehensive list of seller's warranties about the business
6. Schedule 6: Financial Information: Recent financial statements, management accounts, and other financial data
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