Georgia Agreement for Purchase of Business Assets from a Corporation
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How to fill out Agreement For Purchase Of Business Assets From A Corporation?
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FAQ
The purpose of an "as is" clause is to force the buyer to rely upon its own investigation, rather than upon the seller's representations, in determining whether or not to purchase the property.
All equipment/item(s) involved and related to the Activity is used and accepted by Participant ?AS IS?, ?WHERE IS?, ?WITH ALL FAULTS? without warranty of effectiveness, condition, value, operability, authenticity or description.
How to Write a Business Purchase Agreement? Step 1 ? Parties and Business Information. A business purchase agreement should detail the names of the buyer and seller at the start of the contract. ... Step 2 ? Business Assets. ... Step 3 ? Business Liabilities. ... Step 4 ? Purchase Price. ... Step 5 ? Terms. ... Step 6 ? Signatures.
When you purchase the shares of a corporation you acquire both the assets and the liabilities of the corporation. Acquiring liabilities is generally a concern for a purchaser.
"As Is" alerts a buyer in a sales contract that they accept the purchased item, be it real estate, animals, automobiles or appliances, in its present condition. It also assumes the buyer has a right to inspect the property first so they can assess any defects and make an informed decision.
"As is" language in a realty sales contract does not shield a seller or his agent from liability for affirmative or, as in this case, negative fraud. "Generally speaking, such a provision means that the buyer takes the property in the condition visible to or observable by him. [Citation.]
An asset purchase agreement is a legal contract to buy the assets of a business. It can also be used to purchase specific assets from a business, especially if they are significant in value.
Depending on its language, an ?as-is? provision typically puts the buyer on notice that the seller is making no representation or warranties concerning the quality or condition of the seller's property.