The Short Form Asset Purchase Agreement is utilized in Canadian business transactions where parties seek to document the purchase and sale of business assets in a streamlined manner. This document type is particularly suitable for smaller to medium-sized transactions where the complexity doesn't warrant a full-length agreement. It includes essential provisions required under Canadian law while avoiding excessive detail that might be found in more comprehensive agreements. The document addresses key aspects such as asset identification, purchase price, basic representations and warranties, and closing conditions, while remaining compliant with both federal and provincial requirements. It's commonly used in situations where the transaction structure is relatively straightforward, the due diligence process is less complex, and the parties prefer a more efficient closing process.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the transaction and business being sold
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale: Description of assets being purchased and any excluded assets
5. Purchase Price: Amount and payment terms, including any adjustments
6. Closing: Closing date, conditions, and deliverables
7. Seller's Representations and Warranties: Basic representations about asset ownership, authority to sell, and business condition
8. Buyer's Representations and Warranties: Basic representations about authority and ability to complete purchase
9. Covenants: Pre-closing and post-closing obligations of both parties
10. Indemnification: Basic indemnification provisions for breach of agreement
11. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Employee Matters: Include when employees are being transferred as part of the transaction
2. Intellectual Property: Include when significant IP assets are part of the purchase
3. Tax Matters: Include when special tax considerations or allocations need to be addressed
4. Environmental Matters: Include when purchased assets include real property or environmental risks
5. Transition Services: Include when seller will provide post-closing operational support
6. Non-Competition: Include when restricting seller's future competitive activities is important
7. Third Party Consents: Include when material contracts or licenses require transfer approval
1. Schedule A - Purchased Assets: Detailed list of all assets included in the sale
2. Schedule B - Excluded Assets: List of assets specifically excluded from the sale
3. Schedule C - Purchase Price Allocation: Breakdown of purchase price across asset categories
4. Schedule D - Assumed Liabilities: List of liabilities buyer will assume, if any
5. Schedule E - Required Consents: List of third-party consents needed for closing
6. Schedule F - Material Contracts: List of key contracts being transferred
7. Schedule G - Intellectual Property: List of IP assets included in the sale
8. Schedule H - Closing Deliverables: List of documents to be delivered at closing
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Professional Services
Healthcare
Real Estate
Construction
Hospitality
Distribution
Transportation
Agriculture
Energy
Media and Entertainment
Financial Services
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Operations
Risk Management
Compliance
Business Development
Due Diligence
Relevant Roles
Chief Executive Officer
Chief Financial Officer
General Counsel
Corporate Lawyer
Business Development Manager
Mergers & Acquisitions Director
Financial Controller
Operations Director
Corporate Secretary
Risk Manager
Commercial Director
Investment Manager
Transaction Advisory Manager
Due Diligence Specialist
Business Owner
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