Purchase of used plant or other physical assets

This document is for the sale of used physical assets or goods to another business where the seller is prepared only to give very limited warranties as to condition.

Suitable for use in: England & Wales and Scotland
£54.00 inc VAT ( £45.00 ex VAT )
  • Solicitor approved
  • Plain English makes editing easy
  • Guidance notes included
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About this agreement

This is a comprehensive and flexible agreement for buying or selling any physical business assets in any condition. The type or types of asset being sold does not matter.

The agreement suits deals where many assets are sold together in bulk and at the same time, and where the seller wants no "post-sale risk" and gives very limited warranties as to the condition.  The buyer gets what he or she sees with only enough help from the seller to enable him or her to transport the items.

The buyer and the seller could be any person, business or other organisation in any country.

The contract provides legal protection to both sides with a set of fair terms. You can edit the document easily to suit your specific deal. Our guidance notes will tell you what you can edit safely, and what we advise leaving in place.

When to use this document?

Examples of use might be:

  • a sole trader sells spare equipment to another sole trader or business through a one deal

  • a business sells used plant to another business after it has acquired it at the end of a long term finance lease

  • a business wishes to dispose of remaining seasonal stock

  • a company wishes to sell assets to another in the same group of companies to take advantage of tax allowances

Examples of the type of goods or assets that could be sold using this document include:

  • plant and machinery such as a crane

  • office furniture

  • stock

Important to the suitability of use of the document is that the assets transferred are substantial in size or volume and require the seller to give help to the buyer to transport them (including abroad). If you are dealing with smaller assets, or intangibles, this agreement for the sale of assets may be more suitable.

Features of this agreement

This contract is extremely comprehensive and written in plain English. It has been drawn for maximum flexibility and ease of use.

Key features are:

  • one step completion - the buyer makes payment and takes possession

  • not specific to any particular industry or any particular type of asset

  • includes the most basic warranties as in any sale agreement

  • provides several options for payment, including by letter of credit

  • retention of title on incomplete payment

  • provision for transport and delivery

  • allow you to construct commercial terms to suit your exact business needs

Draftsman

This document was written by a solicitor for Net Lawman. It complies with current English law.

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