For purposes of this Agreement, employees who accept employment with the Buyer shall be referred to herein as the "Transferred Employees. An asset purchase agreement is a legally binding contract between a buyer and a seller outlining the terms of transferring assets.An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. In addition to an asset purchase agreement, other ancillary agreements will be required to transfer the assets from the seller to the buyer.