Document background
The Simple Business Sale Agreement is a fundamental legal document used in Malaysian business transactions for the transfer of business ownership from one party to another. This agreement is essential when selling or purchasing a business in Malaysia, whether it's a small retail establishment or a medium-sized enterprise. It covers crucial aspects such as asset transfer, payment terms, warranties, and completion requirements, while ensuring compliance with Malaysian legislation including the Contracts Act 1950, Sales of Goods Act 1957, and Companies Act 2016. The document is designed to protect both parties' interests and provide a clear framework for the transaction, including provisions for due diligence, employee transfers, and post-completion obligations. It's particularly suitable for straightforward business sales where standard terms and conditions can adequately cover the transaction requirements.
