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Agreement to Sell Business

Document Cited in Related
Vincent
Updated atMarch 2010

THIS AGREEMENT is made at ____on this the ____day of ____200_

BETWEEN

Mr._____ 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)

AND

Mr_____ 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)

WHEREAS:

The 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 __.

The said business consists of ________________________________________

NOW THEREFORE IN CONSIDERATION OF THE MUTUAL OBLIGATIONS AND UNDERTAKINGS CONTAINED HEREIN THIS AGREEMENT WITNESSETH AS FOLLOWS:

The Vendor shall sell the business of departmental store namely "Popular Stores" and the Purchaser shall purchase the Business.

The 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.

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.

The Vendor covenants with the...

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