THIS
AGREEMENT is made at ____on this the ____day of ____200_
BETWEEN
Mr._____
S/o. _____, aged about ________ years, residing at ____ herein after referred
to as The VENDOR (which expression shall, unless it is repugnant to the
context, mean and include his legal representatives, executors and assigns)
AND
Mr_____
S/o. _______, aged about ___years, residing at ____________ herein after
referred to as The PURCHASER (which expression shall, unless it is repugnant to
the context, mean and include his legal representatives, executors and assigns)
WHEREAS:
1. The
Vendor is the absolute owner of ______ at _______ more fully described in the
Schedule A hereunder, on monthly tenancy, under the name and style of
_______carrying on the business of selling _________since __.
The
said business consists of ________________________________________
NOW
THEREFORE IN CONSIDERATION OF THE MUTUAL OBLIGATIONS AND UNDERTAKINGS CONTAINED
HEREIN THIS AGREEMENT WITNESSETH AS FOLLOWS:
2. The
Vendor shall sell the business of departmental store namely "Popular
Stores" and the Purchaser shall purchase the Business.
The
Purchaser shall pay the sale consideration to the Vendor as agreed hereunder.
3. The
Vendor shall sell and the Purchaser shall purchase the said Business of the
Vendor carried in the name and style of _____for a sale consideration of Rs.
____. The Purchaser has paid an advance amount of _____by cash to the Vendor and
the Vendor acknowledges the receipt of the same. The purchaser shall pay the
balance sale consideration within ___ days from the date of execution of this
Agreement.
4. The
vendor shall execute a Deed of Assignment in favour of the purchaser conveying
all his right, title, interest, good will, name and all other rights including
the right to recover the debts on receipt of full consideration from the
Purchaser.
5. The
Vendor covenants with the purchaser that he shall not carry on similar business
within a radius of ___ from the place of business of the purchaser herein.
6. The
parties hereto agree to comply with all applicable laws, rules and regulations
relating to or affecting the performance of each of their obligations hereunder
and shall secure and maintain in full force and effect all licenses, permits
and authorisations from all statutory agencies to the extent the same are
required or necessary for the performance of their respective obligations
hereunder at all times during the term of this agreement.
7. Any
dispute arising in between the parties shall be subject to arbitration and an
arbitrator shall be appointed by both the parties by mutual consent.
SCHEDULE A
All that piece and parcel of the
business of ____carried on in the name and style of ___situate at
_______
having a built up area of __Sq.ft ( Description of the property)
SCHEDULE B
IN WITNESS WHEREOF, the parties hereto
affixed their signatures on the day, month and year mentioned herein above. Signed
by the VENDOR
Signed
by the PURCHASER WITNESSES:
1.
Signed by both the witness along with his name and address.
2.
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