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Seller Financing Business Contract
"I need a Seller Financing Business Contract for the sale of my manufacturing business in Singapore, with a purchase price of SGD 2.5 million, where I'll provide 70% seller financing over 5 years starting March 2025, and I want to include strong security provisions and monthly repayment terms."
1. Parties: Identifies and defines all parties to the contract including legal status and addresses
2. Background/Recitals: States the context and purpose of the agreement, including details of the business being sold
3. Definitions: Defines key terms used throughout the agreement
4. Purchase Price and Payment Terms: Details the total purchase price, down payment, and financing structure
5. Interest Rate and Repayment Schedule: Specifies interest rate, payment dates, and amortization schedule
6. Security and Collateral: Details assets or guarantees securing the financed amount
7. Default Provisions: Defines events of default and consequences
8. Representations and Warranties: Legal assurances from both parties
9. Governing Law: Specifies Singapore law as governing law
1. Insurance Requirements: Required insurance coverage for business assets - used when significant physical assets are involved
2. Non-Compete Provisions: Restrictions on seller's future business activities - used when protecting goodwill is crucial
3. Training and Transition: Terms for business handover and training - used when specialized knowledge transfer is needed
4. Third-Party Consents: Requirements for obtaining third-party approvals - used when contracts/licenses require consent for transfer
1. Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Asset Schedule: Itemized list of business assets included in sale
3. Security Documents: Forms of security documents, personal guarantees
4. Due Diligence Report: Summary of business evaluation and verification
5. Financial Statements: Recent business financial statements and projections
6. Contracts Schedule: List of existing contracts being transferred
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