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Agreement for Purchase and Sale of Business and Assets

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AMENDMENT TO THE AGREEMENT FOR PURCHASE AND SALE OF ASSETS

This Amendment to the Agreement for Purchase and Sale of Assets by and among ("Seller"), ("Purchaser") and ("Parent") dated , as amended (the "Asset Purchase Agreement"), is made and entered into this day of , .

WHEREAS, Seller, Purchaser and Parent have agreed to amend certain terms of the Asset Purchase Agreement;

NOW, THEREFORE, in consideration of the premises herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Purchaser and Parent agree as follows:

1. AMENDMENT TO SECTION 1.2. Section 1.2(a) of the Asset Purchase Agreement is amended to delete the reference to "Section 1.3(i)" and replace it with a reference to "Section 1.3."

2. AMENDMENT TO SECTION 1.3.

(a) Section 1.3(a) and 1.3(h) of the Asset Purchase Agreement is amended and restated as follows:

(a) all cash and cash equivalents, including cash on hand and cash in transit (i.e., bank deposits being made by Seller), deposits and prepaids;

(h) all rights to indemnification for, or claims against third parties related to the Litigation Matters (as defined below), including the indemnification provisions of the September 24, 1996 Agreement with Geo Systems Global Corporation and any successor agreements thereto, as such provisions relate to acts or omissions of Seller and its Affiliates through Closing;

(b) Section 1.3 of the Asset Purchase Agreement is amended by adding the following:

(k) all trade accounts receivables and lease receivables from U.S. obligors (collectively, the "Retained Receivables").

3. AMENDMENT TO SECTION 2.2. Section 2.2 of the Asset Purchase Agreement is amended and restated in its entirety as follows:

2.2 Payment of Consideration. At Closing, Purchaser shall:

(a) pay to Seller and Moore Limited, as provided in Section 2.5 below, Three Million Seven Hundred Thousand Dollars ($3,700,000) and Sixteen Million Three Hundred Thousand Dollars ($16,300,000), respectively, for a total of Twenty Million Dollars ($20,000,000) (the cash payment being referred to as the "Cash Consideration");

(b) deliver to Seller Parent's and Purchaser's convertible promissory note in the original aggregate principal amount of Eighteen Million Seven Hundred Thousand Dollars ($18,700,000), in the form attached hereto as Exhibit A (the "Convertible Note");

(c) deliver to Seller 198,495 shares of Common Stock, in addition to the 751,505 shares of Common Stock previously delivered to Seller.

Seller shall provide wire transfer instructions to Purchaser not less than twenty-four (24) hours prior to the Closing. All payments hereunder shall be made in U.S. dollars by wire transfer or other immediately available funds, and all currency amounts referred to throughout this Agreement are to U.S. dollars.

4. AMENDMENT TO SECTIONS 2.3 AND 2.4. Sections 2.3 and 2.4 of the Asset Purchase Agreement are hereby deleted.

5. AMENDMENT TO SECTION 2.6(a). The second sentence of Section 2.6(a) of the Asset Purchase Agreement is amended and restated in its entirety as follows:

Notwithstanding anything contained herein to the contrary, if this Agreement is terminated for any reason, regardless of which party terminates or the grounds for such termination, Seller is unconditionally entitled to retain the Signing Payment.

6. AMENDMENT TO SECTION 3.2. Section 3.2 of the Asset Purchase Agreement is amended by adding the following:

(h) a promissory note in the aggregate principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000), in substantially the form attached hereto as Exhibit A-1 (the "Working Capital Note") and the related Lock Box Agreement in substantially the form attached hereto as Exhibit A-2 (the "Lock Box Agreement").

7. AMENDMENT TO SECTION 3.4. Section 3.4 of the Asset Purchase Agreement is amended by adding the following:

(j) an Employee Leasing Agreement in substantially the form attached hereto as Exhibit P.

8. AMENDMENT TO SECTION 6.9. Section 6.9 is amended by adding the following provision at the end thereof:

Further, within thirty (30) days of Closing, Seller shall deliver balance sheets and statements of operations as of and for the periods ended September 30, 1999 and 1998 which, to the knowledge of Seller, shall be prepared on a basis consistent, in all material respects, to the June 30, 1999 financial statements previously delivered. Purchaser and Parent shall provide all files and records and shall provide at their cost, all personnel necessary for such preparation.

9. ICA AMENDMENT.

(a) Section 7.7 of the Asset Purchase Agreement is amended to delete the phrase "but in any event not later than ten (10) days after this date" and replace it with the following phrase: "but in any event within the required time frame".

(b) Sections 10.5 and 11.5 of the Asset Purchase Agreement are deleted.

10. AMENDMENT TO SECTION 7.8. Section 7.8(d) of the Asset Purchase Agreement is hereby amended and restated in its entirety as follows:

(d) At Closing, Parent shall deliver to Seller a Secretary's certificate certifying as to the adoption and effectiveness of resolutions of the Board of Directors of Parent electing the Designee and Additional Designee to the Board of Directors.

11. AMENDMENT TO ARTICLE VII. Article VII of the Asset Purchase Agreement is amended by adding the following:

Section 7.9 NASD Listing. Parent has filed or shall file an application with the NASD for listing of all shares of common stock acquired hereunder or issuable upon conversion of the Convertible Note as soon as required under the NASD rules and use its best efforts for such application to be approved.

12. AMENDMENT TO SECTION 8.2.

(a) Section 8.2(a) of the Asset Purchase Agreement is amended to delete all references to the Additional Note.

(b) Section 8.2(b) of the Asset Purchase Agreement is deleted.

13. AMENDMENT TO ARTICLE VIII. Article 8 of the Asset Purchase Agreement is amended by adding the following:

Section 8.1 Retained Receivables. On April 17, 2000, Parent and Purchaser agree to purchase all of the Retained Receivables which have not been fully collected by Seller for a purchase price of (i) $7,500,000, less (ii) all amounts (excluding interest, penalties, costs of collection and the like) collected by Seller with respect to the Retained Receivables ("Collections"), plus (iii) all costs of collection incurred by Seller ("Costs"). If all of the Retained Receivables have been fully collected (x) but the Collections, less the Costs, are less than $7,500,000, Parent and Purchaser shall pay the deficiency to Seller on April 17, 2000, or (y) if the Collections less the Costs are in excess of $7,500,000, Seller shall pay such excess to Parent.

14. AMENDMENT TO SECTION 11.7. Section 11.7 of the Asset Purchase Agreement is amended and restated in its entirety as follows:

IBJ Whitehall Bank & Trust Company shall have (i) been paid in full all amounts owing by the Parent and its Affiliate, (ii) delivered evidence thereof to Parent in a form reasonably satisfactory to Seller, and (iii) released its security interest in all assets of Parent and its Affiliates, in a form reasonably satisfactory to Seller.

15. AMENDMENTS TO SECTIONS 3.1 AND 13.1.

(a) Section 3.1 and Sections 13.1(b) and (c) of the Asset Purchase Agreement are amended by replacing the date contained therein with December 17, 1999.

(b) Section 13.1(d) and the last paragraph of Section 13 are deleted in their entirety.

16. AMENDMENT TO SECTION 14.6. Section 14.6 of the Asset Purchase Agreement is hereby amended and restated in its entirety as follows:

Section 14.6 Entire Agreement. This Agreement and the documents referred to herein, the Confidentiality Agreement and the Amendment to this Agreement dated December 17, 1999 contain the entire agreement and understanding among the parties with respect to the transactions contemplated hereby and supercede all other agreements, understandings and undertakings among the parties on the subject matter hereof.

17. AMENDMENT TO SECTION 14.13. Section 14.13 of the Asset Purchase Agreement is amended and restated in its entirety as follows:

Section 14.13 Joint and Several Obligations and Guaranty.

(a) Even if not expressly stated in the particular instance, each of Parent and Purchaser are jointly and severally liable for all of the obligations of the other and their Affiliates provided for or referred to herein, including any and all agreements contemplated hereby, delivered on or prior to the Closing Date or subsequent to the Closing Date and related to the transactions contemplated hereby, and any amendments thereto (the "Transaction Agreements").

(b) In addition, Purchaser unconditionally and irrevocably guarantees to Seller the due and punctual fulfillment of any and all obligations of its Affiliates under the Transaction Agreements. This is a continuing guaranty of performance and payment (and not merely a guaranty of collection), and Purchaser undertakes to perform all obligations under the Transaction Agreements, regardless of whether or not Seller, or anyone on behalf of Seller shall have instituted any suit, action or proceeding or exhausted its remedies or taken any steps to collect any amount or enforce any right, at law or in equity. Purchaser hereby unconditionally: (i) waives any requirement that Seller, in the event of any default by an Affiliate, first makes demand upon, or seeks to enforce remedies against the Affiliate before demanding payment or other performance under or seeking to enforce this guaranty; (ii) covenants that this guaranty shall not be discharged except by the performance of all obligations due under the Transaction Agreements; and (iii) waives diligence, presentment and protest with respect to, and any notice of default in the payment of any amount or performance of any obligation at any time due under the Transaction Agreements.

18. NO OTHER AMENDMENT; CONFIRMATION. Except as expressly amended, modified and supplemented hereby, the provisions of the Asset Purchase Agreement are and shall remain in full force and effect.

19. COUNTERPARTS. This amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

20. GOVERNING LAW. This amendment shall be interpreted in accordance with the substantive laws of the State of Delaware applicable to contracts made and to be performed wholly within said state.

21. DEFINITIONS. All capitalized terms not defined herein shall have the meanings ascribed to them in the Asset Purchase Agreement.

* * *

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

MOORE NORTH AMERICA, INC.

By:

Its:

VISTA INFORMATION SOLUTIONS, INC.

By:

Its:

VISTA DMS, INC.

By:

Its:

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What this Agreement Is and when it applies

An Agreement for Purchase and Sale of Business and Assets is a legally binding contract that documents the transfer of a business or its assets from a seller to a buyer. It identifies the parties, lists included assets and excluded items, allocates purchase price among assets, records assumptions of liabilities, and sets closing conditions, representations, warranties, indemnities, and post-closing adjustments. Parties use this agreement to protect rights, assign risk, trigger escrow or holdback arrangements, and provide a clear road map for the closing process and any post-closing obligations.

Why a clear asset sale agreement matters

A comprehensive Agreement for Purchase and Sale of Business and Assets reduces dispute risk, clarifies which assets and liabilities transfer, and establishes closing mechanics and remedies. It supports enforceability under federal e-signature law (15 U.S.C. §7001) and usually specifies governing law and dispute resolution to limit uncertainty.

Why a clear asset sale agreement matters

Who prepares and reviews this agreement

Typical participants include buyers, sellers, lenders, counsel, accountants, and escrow agents; each party has distinct responsibilities during drafting and closing.

  • Buyers and their legal counsel — negotiate scope, price allocation, and closing conditions; confirm due diligence results.
  • Sellers and their advisors — disclose liabilities, obtain consents, and arrange assignment of permits or contracts.
  • Lenders, escrow agents, and accountants — review indemnities, collateral, tax treatment, and escrow/closing mechanics.

In practice, attorneys draft the initial agreement and finance or tax advisors advise on allocation; corporate officers or authorized signatories execute the final document.

Primary signers and their roles

Buyer Representative

The buyer’s authorized signatory (CEO, managing member, or designated officer) who binds the purchasing entity to payment, assumption of specified liabilities, and post-closing covenants. Must match corporate resolution or power of attorney when applicable.

Seller Representative

The seller’s owner or authorized officer who conveys assets and provides representations, warranties, and indemnities. Execution authority should be documented in company minutes or an executed power of attorney to avoid later challenges.

Core sections to include in a professional agreement

A well-drafted Agreement for Purchase and Sale of Business and Assets contains defined sections that allocate risk, describe transferred assets, set closing mechanics, and handle post-closing issues. Ensure each section is tailored to the transaction and supported by schedules and exhibits.

Assets Schedule

Detailed list of tangible and intangible assets included and excluded, with inventory, equipment, IP, customer lists, and real property identified on exhibits to avoid ambiguity.

Purchase Price

Total consideration, payment method, escrow/holdback amounts, allocation among asset classes for tax purposes, and any earn-out or contingent payments.

Assumed Liabilities

Precisely defined liabilities the buyer will assume; all other liabilities remain with seller unless expressly transferred by agreement or required by law.

Representations & Warranties

Seller and buyer statements about authority, title to assets, financial statements, taxes, litigation, and compliance; survival periods and baskets should be specified.

Closing Conditions

Conditions precedent for each party to close, required third-party consents, permit or license transfers, and deliverables at closing.

Indemnities & Remedies

Scope of indemnity claims, limitations, caps, deductibles, procedures for claims, and dispute resolution mechanics including choice of law.

Essential information to collect in the agreement

Buyer legal name: Full registered entity name
Seller legal name: Full registered entity name
Business description: Industry and operations summary
Assets included: Concise asset categories list
Purchase price: Numeric amount and currency
Effective date: MM/DD/YYYY effective date

Step-by-step: completing the agreement

Follow these primary steps from negotiation to closing; each step includes a checklist item to confirm before moving forward.

  • 01
    Negotiate terms: Agree on price, assets, and key warranties before drafting.
  • 02
    Draft agreement: Draft with schedules, exhibits, and tax allocation.
  • 03
    Due diligence: Buyer reviews financials, contracts, and liabilities.
  • 04
    Close transaction: Exchange funds, sign documents, and record transfers.

Customizing an online signing workflow

Configure an e-signature workflow that matches your closing sequence and authentication needs; keep an audit trail for all executions.

Field Configuration
Authentication method Email link, SMS code, or KBA as needed
Signing order Sequential or parallel signer order
Template usage Save standard clauses and schedules
Notifications Set reminders and completion alerts

Distribution and technical requirements for e-submission

Choose a platform that supports PDF/Word uploads, audit trails, and integrations to your back-office systems for efficient closing.

  • File formats: PDF and DOCX supported
  • Integrations: Salesforce, NetSuite, Google Workspace
  • Compliance: ESIGN/UETA and audit trail

Ensure signer authentication level and document retention meet legal, tax, and industry requirements before finalizing electronic execution.

Routing the agreement: from upload to final copies

A standard digital routing includes document upload, field placement, signer assignment, authentication, signature capture, and distribution of executed copies with an audit trail.

  • Upload document: Upload final PDF or DOCX version
  • Place fields: Add sign, date, initial, and text fields
  • Assign signers: Set signing order and authentication
  • Send and track: Distribute links and capture completion log

Common transaction deadlines to track

Set clear dates for diligence, deposit, closing, and post-closing obligations so parties can meet conditions and preserve rights.

Due diligence period:

Specify start and end dates for buyer inspections

Deposit / escrow deadline:

Date funds must be delivered to escrow

Closing date:

Date for signatures, fund transfer, and asset conveyance

Tax allocation deadline:

Date to finalize IRS asset allocation schedule

Post-closing adjustments:

Time window to resolve working capital true-ups

Common mistakes to avoid when preparing the agreement

  • Vague asset descriptions lead to disputes over what transferred; use line-item exhibits.
  • Failing to allocate purchase price among asset classes can create unintended tax liabilities for buyer and seller.
  • Not obtaining third-party consents for assigned contracts can delay closing or result in breach claims.
  • Inadequate signatory authority documentation causes post-closing challenges to enforceability and title transfer.

Key risks and possible legal penalties

Tax penalties: Incorrect reporting may trigger IRC §6721 fines
Contract disputes: Breach claims and monetary damages
Regulatory fines: Violations of sector rules (e.g., HIPAA)
Escrow failures: Funds misapplied; remedy obligations
Title defects: Buyer risk from undisclosed encumbrances
Authority challenges: Signatures disputed for lack of authority

Supporting documents typically attached to the agreement

Attaching clear exhibits and ancillary agreements ensures each transferred right, claim, and responsibility is documented and enforceable.

Asset Schedule

Line-item inventory of included and excluded assets, serial numbers, leases, and any titles or registrations transferring at closing.

Bill of Sale

Conveys tangible personal property and includes warranties of title and freedom from liens as appropriate for the transaction.

Assignment of Contracts

Identifies assignable contracts and confirms required consents or novations; includes effective dates for transfers.

Employee Matters

Lists offered employee transitions, benefits treatment, and any required notices or COBRA considerations.

How similar organizations manage asset sale agreements

These brief examples show typical outcomes and practical points from organizations that completed asset transfers with digital workflows.

Optica Ventures — Brian Fitzgibbons

Optica used a clear assets schedule and escrow for holdback

  • Integrated digital signing for all parties
  • The result reduced post-closing disputes by clarifying excluded items and streamlining document exchange across advisors.

Tech Data — Bob Dutkowsky

Tech Data standardized templates and approvals

  • Centralized signatures via an eSign platform
  • Standardization improved turnaround times for closing and reduced attorney hours on repetitive drafting tasks.

eSignature provider comparison for executing asset sale agreements

Comparison of common plan and capability criteria for eSignature vendors; signNow appears first to aid neutral evaluation of price and core features.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes (Business Premium) Yes Yes Yes Limited
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes (BAA available) Yes Yes Varies Varies

Frequently asked questions about signing and enforcing the agreement

Answers to common legal, technical, and procedural questions when completing an Agreement for Purchase and Sale of Business and Assets.


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