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Home Q&A Forum How are contracts transferred in a business purchase agreement?

Business Contracts

Business Purchase Agreement

Georgia

Asked on Oct 18, 2023

How are contracts transferred in a business purchase agreement?

I am looking to purchase a business and am in the process of signing a purchase agreement. I am trying to understand the details of how the contracts related to the business are transferred, and am seeking advice from a lawyer to ensure that the process is properly handled. I am hoping to get a better understanding of the legal implications of the transfer of contracts in the purchase agreement.

1 Attorney answer

Answer

Business Contracts

Georgia

Answered 267 days ago

Bobby H.

ContractsCounsel verified

Business Lawyer
Licensed in Georgia
Free Consultation

At the closing of the purchase, you will likely sign a Bill of Sale tranferring the assets of the business, and an Assignment and Assumpition agreement transferring or assigning any rights and responsibilites related to any contracts to which the business is a party to. The purchase agreement will likely have a due diligence period in which the seller provides access to the buyer to examine the books of the business and assets including any contracts related thereto and a provision allowing the buyer to cancel or terminate the sale within a certain period time following expiration of the due diligence period.

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