Short Form Asset Purchase Agreement Template for New Zealand

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Key Requirements PROMPT example:

Short Form Asset Purchase Agreement

"I need a Short Form Asset Purchase Agreement for purchasing manufacturing equipment valued at NZD 500,000 from a local supplier in Auckland, with completion scheduled for March 2025 and payment in two installments."

Document background
The Short Form Asset Purchase Agreement is designed for use in New Zealand business transactions where a streamlined approach to asset sales is appropriate. It is particularly suitable for small to medium-sized businesses engaging in straightforward asset transfers where the complexity of a full-scale asset purchase agreement is not warranted. The document incorporates key requirements under New Zealand law, including provisions required by the Contract and Commercial Law Act 2017, while maintaining a simplified structure. This agreement type is commonly used when the transaction involves tangible assets, basic intellectual property, or equipment, and where the parties prefer a more direct and less complex approach to documenting their transaction. It includes essential provisions for asset transfer while excluding more complex clauses typically found in comprehensive purchase agreements.
Suggested Sections

1. Parties: Identification of the seller and purchaser with their full legal names and details

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Sale and Purchase: Core transaction terms including the assets being sold and purchase price

5. Purchase Price and Payment: Payment terms, timing, and method of payment

6. Completion: Details of when and how the sale will complete, including conditions precedent

7. Seller's Warranties: Basic warranties regarding ownership, authority to sell, and asset condition

8. Purchaser's Warranties: Basic warranties regarding authority to purchase and ability to pay

9. Confidentiality: Basic confidentiality obligations of both parties

10. General Provisions: Standard boilerplate clauses including notices, governing law, and dispute resolution

Optional Sections

1. Due Diligence: Include when purchaser requires a due diligence period before completion

2. Employee Matters: Include when the sale involves transfer of employees

3. GST: Include specific GST provisions when the transaction is subject to GST

4. Intellectual Property: Include when intellectual property assets are part of the sale

5. Post-Completion Obligations: Include when there are specific obligations after completion

6. Non-Competition: Include when restricting seller's future business activities

7. Third Party Consents: Include when the transfer requires specific third party approvals

8. Transitional Services: Include when seller will provide temporary support post-completion

Suggested Schedules

1. Schedule 1 - Assets: Detailed list and description of all assets being sold

2. Schedule 2 - Purchase Price Allocation: Breakdown of purchase price across different asset categories

3. Schedule 3 - Excluded Assets: List of assets specifically excluded from the sale

4. Schedule 4 - Completion Obligations: Checklist of actions required at completion

5. Schedule 5 - Form of Transfer Documents: Templates of any required transfer documentation

6. Schedule 6 - Warranties: Detailed warranties if extending beyond basic warranties in main agreement

7. Appendix A - Definitions: Extended definitions if too lengthy for main agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Manufacturing

Retail

Hospitality

Professional Services

Technology

Healthcare

Agriculture

Construction

Transportation

Real Estate

Education

Small Business

Media and Entertainment

Relevant Teams

Legal

Finance

Operations

Compliance

Risk Management

Corporate Development

Commercial

Business Development

Executive Leadership

Mergers and Acquisitions

Relevant Roles

Chief Executive Officer

Chief Financial Officer

General Counsel

Legal Counsel

Corporate Lawyer

Business Development Manager

Finance Manager

Operations Manager

Company Secretary

Commercial Director

Business Owner

Managing Director

Compliance Officer

Risk Manager

Asset Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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