The Share Transfer Agreement is a crucial document used in Indonesian corporate transactions when ownership of shares in a company needs to be legally transferred between parties. This document is essential for both private and public companies operating under Indonesian law, particularly complying with Law No. 40 of 2007 on Limited Liability Companies. It contains detailed provisions covering the sale terms, warranties, regulatory compliance requirements, and completion mechanics. The agreement is particularly important in Indonesia due to specific local requirements for share transfers, including mandatory involvement of an Indonesian notary, potential foreign investment restrictions, and specific corporate and regulatory approvals. The document serves multiple purposes: it protects both parties' interests, ensures legal compliance, provides clarity on the transaction terms, and creates a binding record of the share transfer that can be relied upon for corporate, regulatory, and tax purposes.
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1. Parties: Identification of the Seller(s), Purchaser(s), and the Company whose shares are being transferred
2. Background: Context of the transaction, including current shareholding structure and reason for transfer
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Sale and Purchase of Shares: Core transaction terms including number of shares, price, and payment terms
5. Conditions Precedent: Conditions that must be satisfied before completion of the transfer
6. Completion: Details of when, where, and how the transfer will be completed, including actions required at completion
7. Seller's Representations and Warranties: Warranties regarding share ownership, authority to sell, and company status
8. Purchaser's Representations and Warranties: Warranties regarding authority to purchase and ability to pay
9. Covenants: Pre and post-completion obligations of the parties
10. Tax Matters: Allocation of tax liabilities and responsibilities
11. Confidentiality: Obligations regarding confidential information
12. Notices: Process for giving formal notices under the agreement
13. Governing Law and Dispute Resolution: Choice of Indonesian law and dispute resolution mechanisms
14. General Provisions: Standard boilerplate clauses including amendments, waivers, and severability
1. Regulatory Compliance: Required when the transfer needs specific regulatory approvals or involves regulated sectors
2. Foreign Investment Provisions: Needed when the transfer involves foreign investors and must comply with Indonesian foreign investment laws
3. Non-Competition: Include when the seller needs to be restricted from competing post-transfer
4. Management Transition: Required when the transfer involves changes in company management
5. Earn-out Provisions: Include when part of the purchase price is contingent on future performance
6. Tag-Along/Drag-Along Rights: Needed in cases involving multiple shareholders and future sale rights
7. Bank Guarantee/Security: Include when payment security or guarantees are required
1. Details of the Shares: Detailed description of shares being transferred including share certificates numbers
2. Company Information: Key details about the company including registration number, registered office, and directors
3. Completion Checklist: List of all documents and actions required for completion
4. Form of Transfer Instruments: Template share transfer forms required under Indonesian law
5. Warranties: Detailed list of warranties given by the seller about the company and shares
6. Required Regulatory Approvals: List of required government or regulatory approvals
7. Existing Encumbrances: Details of any existing charges or encumbrances on the shares
8. Corporate Approvals: Copies of relevant board and shareholder resolutions
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