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  • #967708
    bus999
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    Hi all,

    When one exchanges the sale of a business contract, whats the normal procedure? Is there ever a copy that has both parties signatures?

    At the moment my lawyer has a copy of their signatures and their lawyer has a copy of our signatures.

    thanks in advance,

    #1028284
    Avatar Consulting
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    Selling businesses

    Not quite sure what you mean by exchanging business contracts.

    Any contracts need certain elements for them to be legally binding. I assume that this contract you are talking about is the same document you signed. In this case both parties would keep a copy of the contract with all signatures on both copies. This way is used to prevent one party altering a contract afterwards.

    The creator of the contract keeps the original usually, but not highly important.

    Before signing any copies check to make sure it is an exact copy of the original.

    It is good business practice to keep a copy of all contracts you sign

    #1028285
    Solo Lawyer
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    Dear bus999

    When some legal documents are entered into, such as leases and contracts, the procedure is for each party to sign an identical copy of the agreement and then exchange their copy. That is considered sufficient to create a legally binding agreement. That is why you have a copy of the copy signed by the other party.

    The parties don’t actually sign the other party’s agreement as that would result in their being two versions of the same agreement which may create some confusion later on.

    Bye

    Michael Terceiro
    Solo Lawyer
    http://www.terceiro.com.au

    #1028286
    mcboom
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    both parties and an independent witness usually sign multiple copies of the sale of business agreement. You don’t need to use a lawyer, save yourself some money and purchase a sale of business agreement from the internet which will allow you to customise it to suit your business.

    #1028287
    Solo Lawyer
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    Dear bus999

    I think this thread may be going off on a tangent, as the initial question was not whether one should use a lawyer when buying a business.

    However, for what its worth, I think it is a big mistake not to get some professional advice from either an accountant or a lawyer before buying a business. Buying a business is usually a very significant commitment in terms of time and money. As such, you would want to make sure that you had done all your research and obtained specialist advice before entering into such a commitment.

    Also it is often the case that there will be a legal obligation to obtain legal advice before entering into certain types of contracts. For example, there is a statutory obligation to get professional advice prior to buying a franchise. So you may actually have no option but to get some professional advice.

    Bye

    Michael Terceiro
    Solo Lawyer
    http://www.terceiro.com.au

    #1028288
    bus999
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    Hi all,

    thanks everyone for your responce.

    Regards,

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