New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage

• Category: Real Estate - Contracts - Commercial
• State: Multi-State
• Control #: US-00869BG
• Format: Word; Rich Text

Description

This form is used to document an agreement of the sale of a business. Particular statutory requirements may have to be complied with in the sale of certain businesses. If the statutory requirements are not met, the sale is void as against the seller's creditors, and the buyer may be personally liable to them.

Title: New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage Introduction: The New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a legally binding contract that outlines the terms and conditions for the sale of a retail store owned by a sole proprietor. It specifically focuses on the sale of goods, inventory, and fixtures, with pricing based on the invoice cost plus a percentage. Key Elements of the Agreement: 1. Parties Involved: The agreement identifies the buyer (purchaser) and the seller (sole proprietor) involved in the transaction. It ensures that both parties are legally competent to participate in the sale. 2. Description of the Retail Store: A detailed description of the retail store, including its name, location, and any additional relevant information, is included. It may also outline the type of store, such as a food market, boutique, or convenience store. 3. Goods and Inventory: The agreement outlines the goods and inventory included in the sale, specifying the invoice cost, the quantity, and the quality of the goods to be transferred. This section ensures that both parties consider the exact items involved in the transaction. 4. Fixtures: The contract includes a comprehensive list of fixtures within the retail store, such as shelving, display units, cash registers, signage, or technological equipment. These items should be accounted for in the agreement, stating their condition and their provision to the buyer. 5. Pricing: The agreement establishes the pricing structure for the sale of the goods and fixtures. It typically includes the invoice cost (the cost incurred by the sole proprietor to acquire the goods) plus a predetermined percentage profit. This percentage profit can be negotiated between the buyer and the seller. 6. Payment Terms: This section specifies the payment schedule, including any down payment, installments, or lump-sum payments, as agreed upon by both parties. It may also outline any potential methods of financing or payment contingencies. 7. Representations and Warranties: The agreement contains representations and warranties made by both parties to assure the buyer that the goods and fixtures are being sold in good faith and as described. It may cover factors such as ownership, marketable titles, and absence of liens on the assets being transferred. Types of New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage: — Standard New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage. — Modified New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage (for customization/additional terms). Conclusion: The New Jersey Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a crucial legal document that protects the rights and interests of both buyers and sellers involved in the sale of a retail store. It ensures clarity regarding goods, inventory, fixtures, pricing, and payment terms, providing a smooth transition of ownership from the sole proprietor to the purchaser.