An APA, or Asset Purchase Agreement, is a contract in which a buyer and seller agree to the transfer of ownership for an asset at an agreed price. An APA not only describes the assets to be purchased but also important details like price, warranties, and breach of contract.The most important document in an asset deal is the Asset Purchase Agreement (the "APA"). In this article, I will discuss the key provisions of an APA. An asset purchase agreement (APA) is a contract that specifies the terms and conditions for the sale and purchase of a business or certain business assets. When a business sells its assets, the primary agreement governing the transaction is an Asset Purchase Agreement (the "APA"). Take advantage of our free Asset Purchase Agreement template that you can download in Word or PDF.