The Simple Asset Purchase Agreement is designed for use in New Zealand business transactions where one party wishes to purchase assets from another party. This document is particularly suitable for straightforward asset transfers where the transaction structure is relatively uncomplicated. It can be used for various types of assets, from equipment and vehicles to inventory and intellectual property, provided the transaction does not involve complex corporate structures or extensive conditions. The agreement includes all essential elements required under New Zealand law, including GST provisions, warranties, and risk transfer mechanisms. It is structured to comply with relevant New Zealand legislation while remaining accessible to businesses of all sizes. The document is commonly used when parties need a robust but straightforward framework for documenting an asset purchase transaction.
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1. Parties: Identifies and provides full legal details of the seller and purchaser
2. Background: Sets out the context of the transaction and brief description of the asset being purchased
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules of interpretation
4. Sale and Purchase: Core provision establishing the seller's obligation to sell and the purchaser's obligation to buy the asset
5. Purchase Price: Specifies the purchase price, payment terms, and payment method
6. Completion: Details the completion (settlement) process, timing, and deliverables
7. Seller's Warranties: Standard warranties regarding ownership, condition, and encumbrances of the asset
8. Asset Condition and Risk: Addresses condition of the asset and when risk passes to the purchaser
9. GST: Handles GST treatment of the transaction and tax invoice requirements
10. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
11. Execution: Signature blocks and execution details for all parties
1. Due Diligence: Include when purchaser requires a due diligence period before confirming the purchase
2. Finance Condition: Include when purchase is subject to purchaser obtaining finance
3. Intellectual Property: Include when asset includes or relates to intellectual property rights
4. Employee Matters: Include when asset purchase involves transfer of employees
5. Post-Completion Obligations: Include when there are specific obligations that continue after completion
6. Non-Competition: Include when seller needs to be restricted from competing post-sale
7. Training and Handover: Include when seller needs to provide training or assistance in operating the asset
8. Consents and Approvals: Include when third-party consents are required for the transfer
1. Asset Description Schedule: Detailed description and specification of the asset being purchased
2. Purchase Price Breakdown: Itemized breakdown of the purchase price if multiple components
3. Encumbrances Schedule: List of any existing encumbrances affecting the asset
4. Completion Checklist: List of items to be delivered or actions to be taken at completion
5. Form of Transfer Documents: Templates of any specific transfer documents required
6. Warranties Schedule: Detailed warranties given by the seller regarding the asset
7. Excluded Items Schedule: List of items specifically excluded from the sale
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