225 Completion formalities

Completion of a business sale is likely to be simultaneous with exchange of contracts. At that time certain additional formalities will be necessary. For instance, where the assets include land and premises, it is not enough for the assets to be included in the sale contract. The parties will usually need to enter into a conveyance, transfer or assignment as well. If so, the sale agreement will stipulate that this should be done. Other assets are likely to require a formal assignment, such as goodwill, certain intellectual property rights1 and the benefit of any contracts2.

The seller will

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