Jackie Durham and Jo Ann Koontz (Koontz & Associates, PL) share important information about common provisions and contingencies you need to be aware of when buying or selling a business. Business purchase contract are complicated. The contracts can be drafted in your favor or against from the other party. Reviewing these common provisions and contingencies will ensure you're prepared when negotiating a business purchase contract.
Asset Purchase/Sale Purchase Agreement Part 2
1:15 How to know what type of transaction you are in
3:01 Where do business contracts come from? Consider your own attorney
5:05 Deposit provision
9:04 Common contingencies: events or circumstances necessary to occur to close contract
10:02 Franchising approval contingency
14:40 Lease contingency
20:04 Due diligence contingency
27:31 Employee contingency
30:20 Financing contingency
35:48 Visa contingency
38:19 Familiarization clause