Asset Purchase Term Sheet Template for Singapore

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Key Requirements PROMPT example:

Asset Purchase Term Sheet

"Need an Asset Purchase Term Sheet for acquiring manufacturing equipment and related IP from a Singapore-based company, with an expected purchase price of SGD 5 million and anticipated closing date in March 2025, including provisions for employee transfer and environmental compliance."

Document background

An Asset Purchase Term Sheet is a crucial preliminary document used in Singapore business transactions to establish the fundamental terms of an asset acquisition. It serves as a roadmap for the transaction, outlining key commercial points including price, payment terms, and conditions precedent. While primarily non-binding, it forms the basis for negotiating definitive agreements and typically includes certain binding provisions. The document is particularly relevant in Singapore's dynamic business environment, where it helps parties align their expectations and expedite the deal process while adhering to local regulatory requirements.

Suggested Sections

1. Parties: Identification of buyer and seller with full legal names and addresses

2. Background: Context of the transaction and brief description of the assets

3. Definitions: Key terms used throughout the term sheet

4. Transaction Structure: Overview of the proposed transaction and assets to be acquired

5. Purchase Price: Consideration and payment terms

6. Closing Conditions: Prerequisites for transaction completion

7. Timeline: Key dates and deadlines for the transaction

Optional Sections

1. Due Diligence: Terms for buyer's investigation of assets - used for complex assets requiring significant investigation

2. Employee Matters: Treatment of employees associated with assets - included when assets include transfer of employees

3. Regulatory Approvals: Required governmental or regulatory clearances - included for regulated industries or large transactions

4. Financing Contingency: Conditions related to buyer's financing - included when purchase is subject to financing

Suggested Schedules

1. Asset Schedule: Detailed list of assets being purchased

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

3. Due Diligence Checklist: List of required documents and information

4. Key Contracts Schedule: List of material contracts associated with assets

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Real Estate
Technology
Retail
Healthcare

Relevant Teams

Legal
Finance
Corporate Development
Operations
Risk Management
Mergers & Acquisitions
Strategy

Relevant Roles

Chief Executive Officer
Chief Financial Officer
General Counsel
Head of Mergers & Acquisitions
Business Development Director
Investment Manager
Corporate Development Manager

Industries

Sale of Goods Act (Cap. 393): Primary legislation governing the sale and transfer of goods in Singapore, defining rights and obligations of buyers and sellers

Contract Law: Common law principles governing contract formation, execution, and enforcement in Singapore

Misrepresentation Act (Cap. 390): Legislation dealing with false or misleading statements made during contract negotiations

Companies Act (Cap. 50): Primary legislation governing corporate entities, their operations, and transactions in Singapore

Land Titles Act (Cap. 157): Legislation governing real estate ownership and transfer of property titles in Singapore

Residential Property Act (Cap. 274): Regulations concerning residential property ownership and transactions, particularly involving foreign ownership

Property Tax Act (Cap. 254): Legislation governing taxation of property assets in Singapore

Patents Act (Cap. 221): Legislation protecting and governing the transfer of patent rights in Singapore

Trade Marks Act (Cap. 332): Legislation protecting and governing the transfer of trademark rights in Singapore

Income Tax Act (Cap. 134): Primary tax legislation governing income taxation aspects of asset transactions

Goods and Services Tax Act (Cap. 117A): Legislation governing GST implications on asset transfers and transactions

Stamp Duties Act (Cap. 312): Legislation governing stamp duties payable on certain types of asset transfers and documents

Securities and Futures Act (Cap. 289): Legislation governing securities trading and corporate transactions involving listed companies

Competition Act (Cap. 50B): Legislation governing merger control and competition aspects of significant asset transactions

Employment Act (Cap. 91): Primary legislation governing employment relationships and transfer of employees in asset purchases

Central Provident Fund Act (Cap. 36): Legislation governing mandatory retirement savings and related obligations in employment transfers

SGX Listing Rules: Regulatory requirements for listed companies engaging in asset purchase transactions

Code of Corporate Governance: Guidelines for corporate governance practices in significant corporate transactions

Exchange Control Regulations: Regulations governing foreign exchange aspects and international asset transfers

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Let's create your Asset Purchase Term Sheet

Authors

Alex Denne

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