The Buy-Sell Life Insurance Agreement is a critical document for businesses operating in the Philippines that wish to establish a clear succession plan in the event of a shareholder's death. This agreement is particularly relevant for private companies, family businesses, and partnerships where the continuity of business operations is essential. The document integrates life insurance policies as a funding mechanism for the purchase of business interests, ensuring compliance with Philippine insurance regulations and corporate laws. It typically includes provisions for policy maintenance, premium payments, valuation methodologies, and transfer procedures. The agreement serves multiple purposes: it provides liquidity for the deceased shareholder's estate, ensures business continuity, prevents unwanted third-party interference, and establishes a clear framework for ownership transition. Used primarily in situations where businesses want to maintain control over ownership while providing fair compensation to shareholders' heirs.
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1. Parties: Identification of all parties including the business entity, shareholders/owners, and the insurance company
2. Background: Context of the agreement, including business ownership structure and purpose of the buy-sell arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase Obligation: Terms triggering the purchase obligation upon death of a shareholder
5. Life Insurance Provisions: Details of life insurance policies, ownership, premium payments, and maintenance requirements
6. Purchase Price: Method of determining the purchase price of shares or business interest
7. Payment Terms: Structure and timing of payments for the purchase of shares
8. Rights and Obligations: Ongoing obligations of all parties regarding insurance policies and business interests
9. Transfer of Shares: Procedure for transferring shares upon triggering events
10. Insurance Proceeds: Handling and distribution of insurance proceeds
11. Representations and Warranties: Standard representations about authority, ownership, and compliance
12. Term and Termination: Duration of agreement and termination provisions
13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Disability Provisions: Optional provisions for purchase obligations triggered by permanent disability
2. Retirement Provisions: Terms for handling voluntary retirement or withdrawal from the business
3. Cross-Purchase vs. Entity Purchase: Specific structure of purchase arrangement if not determined in main agreement
4. Key Person Insurance: Additional provisions for key person insurance if combined with buy-sell arrangement
5. Family Member Rights: Special provisions regarding rights or restrictions of family members
6. Business Continuation: Specific provisions for business management during transition period
7. Tax Provisions: Detailed tax planning and allocation provisions
1. Schedule A - Insurance Policies: Details of all insurance policies including policy numbers, amounts, and beneficiaries
2. Schedule B - Business Valuation Method: Detailed methodology for calculating business value
3. Schedule C - Share Ownership: Current ownership structure and share details
4. Schedule D - Premium Payment Schedule: Breakdown of premium payments and responsibilities
5. Appendix 1 - Specimen Insurance Policies: Copies of insurance policy documents
6. Appendix 2 - Corporate Documents: Relevant corporate documents including share certificates
7. Appendix 3 - Valuation Certificates: Most recent business valuation certificates or reports
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