You should also have access to all records Telephone Number List needed to prepare an offer. If some information is lacking, then you must make a decision to either discontinue the transaction or make an offer contingent on receiving and approving the withheld information. The nature and amount of withheld information determines which Telephone Number List course of action to take. An offer may take the form of a purchase and sale agreement or a letter of intent.
Purchase and sale agreements are usually Telephone Number List binding on the parties while a letter of intent is often non-binding. The latter is more often used with larger businesses. Regardless of which form of the agreement is used, it should contain the following requirements: 1) Total price to be offered. 2) Components of the price: (amount of security Telephone Number List deposit and down payment, amount of bank debt, amount of seller financed debt). 3) A list of all liabilities and assets that are being purchased: the minimum amount of accounts receivable to be collected and the maximum amount of accounts payable to be assumed may be specified.
The operating condition of equipment Telephone Number List at settlement; the right to offset the purchase price for any undisclosed Telephone Number List liabilities that come due after settlement and in the amount of any variance in inventory from that stated in the agreement. 5) A provision that the business will be able to pass all necessary inspections; a provision to make the sale conditional on lease assignment, verification of financial statements