Sale of Assets

Things to Consider in the Sale of Assets

Property is not just related to land and buildings, but can be personal in nature and can relate generally to assets somebody holds. Sometimes, parties negotiate and ultimately agree to either sell to another, or buy from another any number of assets or items.

An example of some of the transactions we are typically involved with include:

  • The sale and/or purchase of cranes;
  • The sale and/or purchase of scaffolding;
  • The sale and/or purchase of tools;
  • The sale and/or purchase of heavy machinery;
  • The sale and/or purchase plant and equipment; and
  • The sale and/or purchase of display furniture.

There are of course no shortage of other items which can be bought and sold, but these are a few of the more common items in our line of work.

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The Sale of Assets Agreement is a very important document and needs to be drafted and/or revised carefully.

Such a document will set out a range of things that need to be properly considered such as:

  • Warranties that might be in place for a particular item;
  • Depending on the item, the insurance in place to protect it generally, or only to protect it whilst it is being delivered;
  • Delivery method and who is responsible for the item pre and post-delivery;
  • Condition and quality of the items;
  • Liabilities of the parties; and
  • loss, damage and faults in items, among a host of other relevant things.

Our first step is to discuss your transaction so that we can clearly understand what is being sold or purchased. We will then provide clear and meaningful advice so that you understand the relevant commercial and legal considerations that need to be made in such a transaction.

We will ensure that the document is carefully drafted or negotiated to reflect the agreement in place and make sure that the risks are not unfairly allocated between the parties.

With our insightful advice enabling you to make informed decisions, we will guide you through the process to effectively help you both realise your intentions and protect your interests.

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