Description and usage
Agreement for Sale of Shares to another Shareholder This agreement is suitable for use where both Seller and Buyer are the only Shareholders in a Company and the effect of the sale will be to transfer control of the Company to the Buyer. This five page document contains 7 clauses covering - sale and purchase of shares
- price
- warranties
- completion
- law and jurisdiction
- shareholders’ agreement
- a general clause addressing variation, the scope of the agreement, representation, severability, assignment and third party rights.
This agreement is shorter than many such agreements because of the relationship of the parties, both of them being shareholders and represented on the board of the company. Warranties are therefore limited and the contract deals primarily with the number and shares to be sold, price, actions on completion - payment and resignation of directors. The agreement provides for the cancellation of a shareholders' agreement if this exists. You need this document if you want to transfer control of a company from a Seller to a Buyer, where the Seller and Buyer are the only shareholders in a company. What's in it? - See detailed Explanatory Notes below
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