THIS AGREEMENT made on this_______ day of __________
____________Represented by its director Sh.______________, S/o Sh._________ having registered office at ________________________ hereinafter referred to as "the First Party" (which expression shall unless repugnant to the context or meaning thereof include his heirs, executors, administrators, legal representatives, officers and assigns) of the one part.
Sh. _________________,S/o Sh._________ r/o _______________ hereinafter referred to as "the Second Party" (which expression shall unless repugnant to the context or meaning thereof include his heirs, executors, administrators, legal representatives and assigns) of the other part.
1. The Second Party is carrying on the business of _________
2. The Both the first party and the second party have decided that the business of First party be taken over by the second party.
3. The Second Party offered to sell the aforesaid business and also to transfer all the rights in the aforesaid business to the First Party for a consideration of Rs. ____________ and the First Party has agreed to the proposal.
NOW IT IS HEREBY AGREED AND DECIDED BETWEEN BOTH THE PARTIES AS FOLLOWS:
1. In consideration of a sum of Rs.________ paid by way of allotment of shares in the first party company to the Second Party (the receipt whereof the Second Party hereby acknowledges), the Second Party hands over to the First Party the complete business TO HOLD AND RUN the same to the First Party as absolute owner.
2. The Second Party further covenants with the First Party that if some other documents are also required by either of the party hereto in relation to the transactions herein contained, these shall be executed by the parties and the cost of the same shall be borne by the party requiring such documents.
3. All assets and liabilities of the Second party shall be taken over by the second party lock stock and barrel.
IN WITNESS WHEREOF, the parties hereto have signed this agreement on the day and year first here-in-above written.
The First Party
The Second Party