The Business Purchase Term Sheet is a crucial preliminary document used in Australian business acquisitions to establish the fundamental terms of a proposed transaction before proceeding to detailed due diligence and final documentation. It typically comes into play when parties have progressed beyond initial discussions and wish to formalize their preliminary agreement on key commercial terms. The document addresses essential elements such as purchase price, payment terms, asset scope, conditions precedent, and timeline, while clearly indicating which provisions are binding and non-binding. It serves as a roadmap for legal counsel to draft the final purchase agreement and helps prevent misunderstandings between parties. The term sheet must align with Australian corporate law requirements and relevant state/territory regulations, particularly regarding business transfers, corporate governance, and regulatory compliance.
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1. Parties: Identification of the buyer, seller, and any guarantors or other key stakeholders
2. Background: Brief context of the proposed transaction and purpose of the term sheet
3. Definitions: Key terms used throughout the document
4. Transaction Structure: Overview of the proposed transaction including type of sale (assets or shares)
5. Purchase Price: Proposed purchase price, payment terms, and any adjustments
6. Key Assets/Business: Description of the business and key assets to be acquired
7. Key Terms and Conditions: Essential conditions precedent, timing, and major requirements
8. Due Diligence: Scope and timeline for due diligence process
9. Exclusivity: Terms of exclusive negotiation period if applicable
10. Confidentiality: Confidentiality obligations of the parties
11. Binding/Non-binding Provisions: Clear statement of which terms are binding and non-binding
12. Timeline: Key dates and proposed completion timeline
13. Execution: Signature blocks and execution requirements
1. Employee Matters: Include when the business has significant employee considerations or transfer requirements
2. Regulatory Approvals: Include when the transaction requires specific regulatory approvals
3. Intellectual Property: Include when IP assets are a significant part of the business
4. Real Estate: Include when property assets or leases are significant to the transaction
5. Environmental Matters: Include for businesses with environmental considerations or compliance requirements
6. Tax Structure: Include when specific tax considerations need to be addressed
7. Warranty and Indemnity Insurance: Include when W&I insurance is contemplated
8. Break Fee: Include when parties agree to break fee arrangements
1. Asset Schedule: Preliminary list of key assets to be included in the sale
2. Price Calculation: Details of purchase price calculations and adjustments
3. Key Contracts: List of material contracts to be transferred
4. Timeline Schedule: Detailed timeline of key dates and milestones
5. Due Diligence Requirements: Outline of due diligence requirements and process
6. Required Consents: List of third-party consents needed for the transaction
Authors
Relevant legal definitions
Clauses
Relevant Industries
Retail
Manufacturing
Professional Services
Technology
Healthcare
Hospitality
Construction
Mining
Agriculture
Financial Services
Real Estate
Transportation
Education
Media and Entertainment
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Strategy
Executive Leadership
Due Diligence
Commercial
Business Development
Risk Management
Compliance
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Business Development Manager
Corporate Lawyer
Legal Counsel
Investment Banker
Finance Director
Mergers & Acquisitions Manager
Business Broker
Commercial Director
Strategy Manager
Due Diligence Manager
Transaction Manager
Corporate Development Director
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