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How it works
Reviewed by Rocket Lawyer On Call Attorney Trisha Newman, Esq
When you want to buy something owned by another business - whether it's office supplies, furniture, or even a customer list - use an Asset Purchase Agreement to get the terms in writing. If you're the seller, you'll want to have a record of the transaction as well as the terms. An Asset Purchase Agreement is the form to use.
What if you want to sell your company's customer list, but not your business? What if you want to buy another business' real estate or machinery to expand your own company? An Asset Purchase Agreement is a contract for the sale and purchase of assets of a company. Those could include tangible assets, such as real estate, furniture or supplies, or intangible assets, such as a customer database or accounts payable, a business name or other intellectual property. Use an Asset Purchase Agreement to detail terms such as purchase price, conditions, and escrow terms. You can also include an inventory of the assets in this agreement. In an Asset Purchase Agreement, both buyer and seller agree to the specific terms.
Other names for this document: Asset Sale and Purchase Agreement
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