Agreement to Sell Business
AGREEMENT is made at ____on this the ____day of ____200_
S/o. _____, aged about ________ years, residing at ____ herein after referred
to as The VENDOR (which expression shall, unless it is repugnant to the
context, mean and include his legal representatives, executors and assigns)
S/o. _______, aged about ___years, residing at ____________ herein after
referred to as The PURCHASER (which expression shall, unless it is repugnant to
the context, mean and include his legal representatives, executors and assigns)
Vendor is the absolute owner of ______ at _______ more fully described in the
Schedule A hereunder, on monthly tenancy, under the name and style of
_______carrying on the business of selling _________since __.
said business consists of ________________________________________
THEREFORE IN CONSIDERATION OF THE MUTUAL OBLIGATIONS AND UNDERTAKINGS CONTAINED
HEREIN THIS AGREEMENT WITNESSETH AS FOLLOWS:
Vendor shall sell the business of departmental store namely "Popular
Stores" and the Purchaser shall purchase the Business.
Purchaser shall pay the sale consideration to the Vendor as agreed hereunder.
3. The Vendor shall sell
and the Purchaser shall purchase the said Business of the Vendor carried in the
name and style of _____for a sale consideration of Rs. ____. The Purchaser has
paid an advance amount of _____by cash to the Vendor and the Vendor
acknowledges the receipt of the same. The purchaser shall pay the balance sale
consideration within ___ days from the date of execution of this Agreement.
4. The vendor shall
execute a Deed of Assignment in favour of the purchaser conveying all his
right, title, interest, good will, name and all other rights including the right
to recover the debts on receipt of full consideration from the Purchaser.
5. The Vendor covenants
with the purchaser that he shall not carry on similar business within a radius
of ___ from the place of business of the purchaser herein.
6. The parties hereto
agree to comply with all applicable laws, rules and regulations relating to or
affecting the performance of each of their obligations hereunder and shall
secure and maintain in full force and effect all licenses, permits and
authorisations from all statutory agencies to the extent the same are required
or necessary for the performance of their respective obligations hereunder at
all times during the term of this agreement.
7. Any dispute arising
in between the parties shall be subject to arbitration and an arbitrator shall
be appointed by both the parties by mutual consent.
that piece and parcel of the business of ____carried on in the name and style
of ___situate at _______ having a built up area of __Sq.ft ( Description of the
WITNESS WHEREOF, the parties hereto affixed their signatures on the day, month
and year mentioned herein above.
by the PURCHASER
Signed by both the witness along with his name and address.