This post will address employment law considerations that should be discussed in the due diligence phase of a proposed acquisition. Upon Closing, Buyer will be responsible for acquiring and maintaining appropriate insurance for the protection of the Acquired."Transfer" has the meaning set forth in Section 2.1 of this Agreement. "Transferred Employees" has the meaning set forth in Section 2.6(a) of this Agreement. Virginia transaction attorney shares how to write an effective and legally binding business purchase agreement. 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. 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.