Law Society Contract for Sale of Business 2015

The Law Society of England and Wales has recently released a new contract for the sale of businesses in 2015. This contract is a major update of the previous version released in 2007. It has been designed to meet the current requirements of business sales and incorporates feedback from legal professionals and clients.

The contract is designed to offer greater clarity and simplify the process of business sales. It is intended to be a more accessible and flexible contract, which can be adapted to the needs of individual clients.

One of the key changes in the new contract is the introduction of specific warranties covering the areas of intellectual property and data protection. These warranties will help to protect both the buyer and the seller from any potential liabilities that may arise from any previous intellectual property or data protection issues.

Another important change is the release of a new schedule for the completion of documents. This schedule is intended to help both parties keep track of all the documents required for the sale and ensure they are completed in a timely manner.

The new contract also includes provisions for VAT, enabling both parties to clearly understand how VAT will be dealt with in the sale and purchase price.

Overall, the Law Society contract for the sale of businesses 2015 represents a significant update to the previous version. Its flexibility and clarity make it a vital tool for legal professionals involved in the sale and purchase of businesses. It is hoped that the new contract will help to simplify and streamline the process, making it more accessible to all involved.