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Preliminary Sales Agreement

Preliminary Sales Agreement Template for New Zealand

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Key Requirements PROMPT example:

Preliminary Sales Agreement

"I need a Preliminary Sales Agreement for the purchase of manufacturing equipment from a local supplier in Auckland, with completion expected by March 2025 and including standard warranties for industrial machinery."

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Document background
The Preliminary Sales Agreement is a critical commercial document used in New Zealand business transactions when parties have agreed in principle to a sale but need to formalize the preliminary terms before proceeding to detailed due diligence and final documentation. This document typically follows initial negotiations and term sheets, serving as a bridge between informal discussions and the final sale agreement. It includes key commercial terms, due diligence requirements, exclusivity provisions, and conditions precedent that must be satisfied before proceeding to completion. The agreement must comply with New Zealand law, particularly the Contract and Commercial Law Act 2017 and Fair Trading Act 1986, and is commonly used in both asset and share sales across various industries.
Suggested Sections

1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and company registration numbers if applicable

2. Background: Context of the transaction, including brief description of the subject matter and purpose of the preliminary agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Subject Matter of Sale: Detailed description of the goods, property, or business being sold

5. Purchase Price: Proposed purchase price, payment terms, and any conditions related to price adjustments

6. Due Diligence: Terms and conditions for the buyer's due diligence process, including timeframes and access rights

7. Conditions Precedent: Conditions that must be satisfied before proceeding to the final sale agreement

8. Exclusivity Period: Period during which the seller cannot negotiate with other potential buyers

9. Confidentiality: Obligations regarding confidential information exchanged during negotiations

10. Duration and Termination: Term of the preliminary agreement and circumstances under which it can be terminated

11. Governing Law: Confirmation that New Zealand law governs the agreement and jurisdiction for disputes

Optional Sections

1. Deposit: Terms for any deposit required, including amount, payment timing, and conditions for refund or forfeiture

2. Intellectual Property: Include when the sale involves intellectual property assets

3. Employee Matters: Include when the sale involves transfer of employees or employment-related obligations

4. Real Estate Matters: Include when the sale involves real property

5. Regulatory Approvals: Include when the transaction requires specific regulatory approvals

6. Break Fee: Include when parties agree to compensation if the deal fails under specific circumstances

7. Warranties: Include when preliminary warranties are required before due diligence

8. Third Party Consents: Include when the transaction requires specific third party approvals

Suggested Schedules

1. Schedule 1 - Asset Description: Detailed description of assets included in the proposed sale

2. Schedule 2 - Due Diligence Requirements: List of documents and information required for due diligence

3. Schedule 3 - Timeframe: Key dates and deadlines for various stages of the transaction

4. Schedule 4 - Excluded Assets: List of assets specifically excluded from the proposed sale

5. Appendix A - Form of Confidentiality Agreement: Template confidentiality agreement for parties involved in due diligence

6. Appendix B - Proposed Terms Sheet: Key commercial terms for the final sale agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses




























Relevant Industries

Retail

Manufacturing

Real Estate

Technology

Professional Services

Agriculture

Construction

Healthcare

Hospitality

Mining

Energy

Transport and Logistics

Financial Services

Relevant Teams

Legal

Finance

Commercial

Sales

Procurement

Risk and Compliance

Business Development

Operations

Corporate Development

Mergers & Acquisitions

Relevant Roles

Chief Executive Officer

Commercial Director

Head of Legal

Chief Financial Officer

Business Development Manager

Corporate Lawyer

Sales Director

Procurement Manager

Mergers & Acquisitions Manager

Legal Counsel

Commercial Manager

Operations Director

Risk Manager

Company Secretary

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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