Term Sheet - Sale of Business
A Term Sheet - Sale of Business establishes the general terms of an agreement in the sale of your business.
Last updated February 3, 2025
Suitable for Australia
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Frequently asked questions
Use this Term Sheet - Sale of Business if:
- You are looking to purchase a business, and would like to set out some general terms as an overview and/or for negotiation.
What does the Term Sheet - Sale of Business cover?
- The parties to the agreement;
- The assets included in the purchase price;
- The assets excluded in the purchase price;
- The liabilities of both parties;
- The completion date;
- The purchase price;
- The payment terms;
- Any conditions precedent, warranties, costs included;
- Confidentiality clause; and
- Option to be binding.
Other names for Term Sheet - Sale of Business include:
- Sale of Business Pre-Nup; and
- Heads of Agreement to Sale of Business.
Other documents you may need:
View Sample Term Sheet - Sale of Business
The Legal Risk Score of a Term Sheet - Sale of Business Template is Medium
Our legal team have marked this document as medium risk considering:
- The confidentiality clause restricts disclosure of any information contained in the Term Sheet without prior written consent, which could limit the parties' ability to freely communicate details of the transaction to outside advisors or interested parties.
- The requirement for the Vendor to refer all clients, customers, and enquiries to the Purchaser post-completion may impact the Vendor's business operations and relationships negatively if not managed carefully.
Users familiar with such transactions might find this document standard, but should still consider each clause's implications carefully to ensure alignment with their interests and capabilities.
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