samplecontractofsaleofbusinessform3Form3商业形式的形式3销售合同样本

Form3

EstateAgentsAct1980

Regulation5(b)

ContractofSaleofBusiness

StandardformofcontractprescribedbytheEstateAgents(Contracts)Regulations2008

WARNING

THISISABINDINGCONTRACT

YOUSHOULDOBTAINTHEADVICEOFASOLICITORBEFOREYOUSIGN

Bysigningthiscontract,thePurchaseracknowledgesthatbeforesigningthiscontractthePurchaserreceived,whereappropriate:

astatementfromanauctioneerorestateagentaboutfinanceundersection51oftheEstateAgentsAct1980;and

astatementbyaVendorofasmallbusinessundersection

52oftheEstateAgentsAct1980.

Businessnameanddescription

seedictionary

Vendor

seedictionary

Vendor'saddress

(streetandpostaladdress,facsimileandemail)

seeclause27

Purchaser

seedictionary

Purchaser'saddress

(streetandpostaladdress,facsimileandemail)

seeclause27

Covenantors

(forexample,adirector(s)oftheVendororshareholder(s)oftheVendor)

seedictionaryandclause20

Covenantors'address

(streetandpostaladdress,facsimileandemail)

seeclause27

PurchasePrice

seedictionaryandclause4

Deposit

seedictionaryandclauses4.1.1,4.2and4.3

BalanceofPurchasePrice(payableonCompletion)

seeclause4.1.2

PurchasePriceapportionment

(Assets,Goodwilletc.)

seeclause4.5andclause12

Stakeholder

(forexample,theVendor'slawyerorestateagent)

seedictionaryandclauses4.1,4.2and4.3

StockValuer

seedictionaryandclause11.4

AssistancePeriod

(insertnumberofdaysbeforeandafterCompletion)

..........................daysbeforeCompletionand

..........................daysafterCompletion.

seedictionaryandclause8

RestraintArea

(inserttheareawheretheVendorandCovenantorsmustnotcompeteetc.,withtheBusinessduringtheRestraintPeriod)

..........................kilometreradiusfromthePremises

seedictionaryandclause20.1

RestraintPeriod

(inserttheperiodduringwhichtheVendorandCovenantorsmustnotcompeteetc.withtheBusinesswithintheRestraintArea)

..........................monthsaftertheCompletionDate

seedictionaryandclause20.1

Conditions

(forexample,subjecttofinance)

seedictionaryandclauses2and3

CompletionDate

seedictionaryandclause10.1

LocationforCompletion

seedictionaryandclause10.1

Employees

(insertnamesofemployeeswhomustbeofferedemploymentbythePurchaser)

seedictionaryandclauses10.2.8,18andclause19

Premises

(insertaddress)

seedictionary

PremisesLease

(insertparticularsoflessor,registrationnumber,expiryandoptionsremainingetc.)

seedictionaryandclauses10.2.9,15,21.13and26.5

MotorVehicles

(insertparticularsofregistration,make,model

andanyEncumbrancesbeingtransferredtothePurchaseretc.)

seedictionaryandclauses10.2.10and17

LeasedEquipment

(insertparticularsoflessor,make,model,remainderowinganddurationofleaseetc.)

seedictionaryandclauses10.2.2,10.2.9and14

HiredEquipment

(insertparticularsofhirer,makeandmodel,periodicpaymentsandtermetc.)

seedictionaryandclauses10.2.2,10.2.9and14

IntellectualPropertyRights

(insertdescriptionanddetailsof

anylicences,includingtermandongoing

feesetc.)

seedictionaryandclause10.2.4

BusinessContractsandArrangements

(insertparticularsofotherparty,keytermsanddurationetc.)

seedictionaryandclauses10.2.5and16

ExcludedAssets

(insertparticularsofassetsnotbeingtransferredwithBusiness)

seedictionaryandclause21.10.1

Executedasanagreement

SIGNEDby(oronbehalfof)theVendor

Name:

Title:

SIGNEDby(oronbehalfof)thePurchaser

Name:

Title:

SIGNEDbytheCovenantors

(ifmorethanone,allCovenantorsshouldsign)

1. CoolingOff

1.1 Subjecttoclause1.2,thePurchasermayterminatethiscontractbygivingwrittennoticetotheVendor(ortheVendor'sagent)within3BusinessDaysafterthedaythePurchasersignsthecontract.

1.2 ThePurchaserisnotentitledtogivenoticeunderclause1.1wherethePurchaser:

1.2.1 receivedindependentadvicefromasolicitorbeforesigningthecontract;or

1.2.2 previouslysignedasimilarcontractforthepurchaseoftheBusiness.

1.3 IfthePurchaserterminatesthiscontractunderclause1.1,anypaymentthePurchasermadetotheVendororStakeholdermustberefunded.

2. SaleandPurchase

IfallConditionsaresatisfied,atCompletion:

2.1 theVendor(aslegalandbeneficialowner)sells;and

2.2 thePurchaserbuys,freefromallEncumbrances(otherthanthoseEncumbranceslistedintheParticulars),

theBusinessandtheAssets.

3. Conditions

3.1 TherightsandobligationsofthepartiesinthiscontracthavenoforceoreffectuntilallConditionsaresatisfied.

3.2 Eachpartymust:

3.2.1 immediatelynotifytheotherpartyofthesatisfactionofitsConditions;and

3.2.2 provideevidencetoestablish,tothereasonablesatisfactionoftheotherparty,thatitsConditionshavebeensatisfied.

3.3 IftheConditionsarenotsatisfiedorwaivedbythePurchaseronorbefore:

3.3.1 5.00p.m.,twoBusinessDayspriortotheCompletionDate;or

3.3.2 suchotherdateandtimeagreedinwritingbytheparties,

thiscontractterminatesimmediately,exceptwithregardto:

3.3.3 theDeposit;and

3.3.4 theConfidentialInformation.

4. PurchasePrice

4.1 ThePurchasermustpay:

4.1.1 onthedatespecifiedintheParticulars—theDeposittotheStakeholder;and

4.1.2 onCompletion—thebalanceofthePurchasePriceasdirectedbytheVendor.

4.2 WithintwoBusinessDaysofreceipt,theStakeholdermustinvesttheDepositinaninterestbearingaccountwithitsBank.

4.3 TheVendormustdirecttheStakeholdertocausetheDepositandinterestearnedontheDeposittobe:

4.3.1 releasedtotheVendoruponCompletion;or

4.3.2 releasedandforfeitedtotheVendorifthiscontractislawfullyterminatedduetothebreachofthePurchaser,withoutprejudicetoanyotherrightthattheVendormayhavearisingfromthebreach;or

4.3.3 releasedtothePurchaserifthecontractislawfullyterminatedotherthanasaresultofadefaultonthepartofthePurchaser.

4.4 UnlessotherwiseagreedbytheVendor,thePurchasermustpaythePurchasePricebybankcheque.

4.5 ThePurchasePricemustbeapportionedbetweentheAssetsonthebasissetoutintheParticulars.

5. TitleandRisk

5.1 ThePurchaserisonlyentitledtotheincomeandprofitsoftheBusinessaccruedafterCompletion.

5.2 PossessionoftheAssetssoldunderthiscontractandriskrelatedtotheAssetsmustbegivenandtakenatCompletion.

5.3 UntilCompletion,theVendormustmaintaincurrentinsurancepoliciesinrespectoftheAssetscoveringsuchrisksandforsuchamountsaswouldbemaintainedinaccordancewithprudentbusinesspracticeand,ifrequiredbythePurchaser,havenotedonallrelevantinsurancepoliciestheinterestofthePurchaserintheAssets.

5.4 IfanyoftheAssetsaredamaged,destroyedorotherwiseaffectedbeforeCompletiontoadegreewhich,inthereasonableopinionofthePurchaser,materiallyandadverselyaffectstheconductorprofitabilityoftheBusiness,thePurchasermayimmediatelyterminatethiscontractbynoticeinwritingtotheVendor.

5.5 IfthePurchaserdoesnotelecttoterminatethiscontractandtheVendorisnotadequatelyinsuredunderthecontractsofinsurancereferredtoinclause5.3,anappropriateadjustmentmustbemadetothePurchasePriceasagreedbetweentheVendorandthePurchaseror,failingagreement,asdeterminedbyanindependentthirdpartyactingasanexpert.Ifthepartiescannotagreeonappointmentofthethirdpartyortheirremunerationorboth,theneitherpartymayaskthePresident(ornominee)oftheLawInstituteofVictoriatoappointasuitableindependentthirdpartyordeterminethatperson'sremunerationorboth.

5.6 ThePurchaseranditsrepresentativesareentitledtofullmanagementandcontroloftheBusinessatandfromCompletion.

5.7 TitletotheAssetsandthebenefitoftheGoodwillpassestothePurchaseratCompletion.

6. ContinuationofBusiness

PriortoCompletiontheVendormustcarryontheBusinessintheusualandordinarycourseanddoallthingsnecessaryordesirabletopreserveandenhancetheGoodwillandnotdoanythingwhichmaydamagetheGoodwillatanytime.

7. SaleasGoingConcern

7.1 ThePurchaserwarrantsthatitisregisteredforGSTpurposesandwillremainregisteredpriortoandduringCompletion.

7.2 ThepartiesacknowledgeandagreethatthesaleoftheAssetsunderthiscontract,togetherwiththesupplyofanythingelsebytheVendortothePurchaserunderthiscontract,constitutesaGSTfreesupplyofagoingconcern.

7.3 Ifatanytimethesupplyorsuppliesunderthiscontractdonotconstituteasupplyofagoingconcern,thePurchasermustpaytothesupplieranamountequaltotheGSTpayableonthesupplytogetherwithanygeneralinterestchargeorpenaltiesimposedbytheCommissionerofTaxation.

8. Assistance

TheVendormustdowhateverisreasonablynecessarytointroducethePurchasertocustomersandsuppliersconnectedwiththeBusinessandgivethePurchaserreasonableassistanceandadviceaboutrunningtheBusinessduringtheAssistancePeriod.

9. AccesstoRecordsandCopies

9.1 TheVendormustfacilitateandensurethatthePurchaser,itsagents,representatives,accountantsandsolicitorsareauthorisedandprovidedwithfullandfreeaccesstothePremisesandtheRecordsatallreasonabletimesbeforetheCompletionDate.

9.2 Inexerciseoftherightsgrantedunderclause9.1,thePurchasermaymakecopiesofmaterialexamined,consultwiththeVendor'sauditororaccountantand,subjecttothepriorconsentoftheVendor(whichmaynotbeunreasonablywithheld),consultwithEmployees.

9.3 Untilcompletion,orintheeventthatthesaleandpurchaseoftheBusinessandAssetsisnotcompletedunderthiscontract,thePurchaser,itsagents,representatives,accountantsandsolicitorsmustkeepstrictlyconfidentialallinformationsuppliedorobtainedunderclauses9.1and9.2.

10. Completion

10.1 CompletionmusttakeplaceontheCompletionDateatthelocationspecifiedintheParticularsorsuchotherplaceasthepartiesagree.

10.2 AtCompletion,theVendormust,atitsowncost(if

any):

10.2.1 delivertothePurchaserreleasesofallEncumbrancesaffectingtheAssets(otherthanthoseEncumbrancesbeingtransferredbythiscontractandspecifiedintheParticulars)fromallpersonsholdingthoseinterests;and

10.2.2 delivertothePurchasereachitemofthePlantandEquipment,MotorVehicles,HiredEquipmentandLeasedEquipmentingoodworkingorderandcondition(fairwearandtearexcepted);and

10.2.3 delivertothePurchaserallStock;and

10.2.4 delivertothePurchaserdulyexecutedtransfersoforconsentsrelatingtotheIntellectualPropertyRights(whereapplicable)inaformacceptabletothePurchaser;and

10.2.5 assigntothePurchaserallitsright,titleandinterestintheBusinessContractsandArrangementsanddelivertothePurchaserallrequiredconsentstosuchassignment;and

10.2.6 delivertothePurchaserdulyexecuteddocumentstoenablethePurchasertoapplyforandobtainatransferofallStatutoryLicencestoenablethePurchasertolawfullycarryontheBusinessafterCompletion;and

10.2.7 delivertothePurchasertheRecordsandtheCustomerList;and

10.2.8 delivertothePurchaseralistsettingout,withrespecttoeachTransferringEmployee,theirdateofcommencementofemployment,ratesofremuneration,leaveandotherentitlementsasatCompletion;and

10.2.9 unlessclauses14,15or16ofthiscontractapply,delivertothePurchaserthewrittenconsentsoftherespectiveowners,lessorsormortgagorstotheassignmentoftheHirePurchaseAgreements,theEquipmentLeasesandthePremisesLeasesinaformacceptabletothePurchasertogetherwiththeoriginaldulystampedleasesoragreementsanddulyexecutedassignmentsortransfers(ifnecessary);and

10.2.10 delivertothePurchaser:

10.2.10.1 certificatesofregistration,dulyexecutednoticesofdispositionandroadworthycertificatesinrespectofallMotorVehicles(whetherownedorleased)soldortransferredpursuanttothiscontract;and

10.2.10.2 suchothernotices,documents,instrumentsandassignmentsreasonablyrequestedbythePurchaserpriortoCompletion,whicharerequiredtobeexecutedorregisteredunderanystatuteorotherwise,toenablethePurchasertotakepossessionoftheAssetsorforthefutureconductoftheBusiness;and

10.2.10.3 anyotherdocumentorthingreasonablynecessarytogivefulleffecttothiscontractasitrelatestotheVendor;and

10.2.11 transfertothecontrolofthePurchaseranydepositmoneyheldontrustforcustomersoftheBusiness.

10.3 AtCompletion,thePurchasermustpay,asdirectedbytheVendor,thatpartofthePurchasePricereferredtoinclause4.1.2(plusorminusthenetamountofadjustmentsrequiredtobemadebetweenthepartiesinaccordancewiththiscontract,includingclause12).

11. Stocktake

11.1 OnthedayimmediatelypriortoCompletionand(ifnecessary)ontheCompletionDatebutpriortoCompletion,theVendorandthePurchasermustcarryoutaphysicalstocktakeoftheStock.

11.2 Incarryingoutthephysicalstocktake,theVendorandthePurchasermustclassifyallitemsofStockas:

11.2.1 goodandsaleable;or

11.2.2 notofmerchantablequality.

11.3 EachclassofStockmustbevaluedasfollows:

11.3.1 thegoodandsaleableStockmustbevaluedatthelastinvoicedcostpricetotheVendor(includingGST)asdeterminedbytheVendorandPurchaserfromtheRecords;and

11.3.2 StockwhichisnotofmerchantablequalitymustbevaluedbyagreementbetweentheVendorandthePurchaseror,failingagreementbyCompletion,bedeterminedinthemannersetoutinclause

11.4.

11.4 AnydisputebetweentheVendorandthePurchaserrelatingtothephysicalquantity,quality,standard,classification,invoicedcosttotheVendorofStock,orthevalueofitemsofStocknotofmerchantablequality,whichisnotsettledbyCompletionmustbedeterminedbytheStockValuer.

12. Adjustments

All:

12.1 periodicaloutgoingsandexpensesinrespectoftheBusiness(forexample,rent,insurance,electricity,gasandwaterexpenses);and

12.2 anydepositsreceivedbytheVendorforgoodstobesuppliedbytheBusiness,

mustbeapportionedasattheCompletionDatebetweentheVendorandthePurchaserandthePurchasePriceadjustedaccordingly.

13. AssumptionofDebtandLiabilities

13.1 WiththeexceptionoftheEncumbrancesspecifiedintheParticulars(andonlytotheextentspecifiedintheParticulars),thePurchaserdoesnotassumeanydebt,liabilityorobligationoftheVendor,whetherknownorunknown,fixedorcontingent.

13.2 Withoutlimitingthegeneralityofthisclause,thePurchaserhasnoliabilityofanykindfor,andtheVendormustindemnifythePurchaseragainstallClaimsandLiabilitiesthatarisefromorrelateto,theconductoftheBusinesspriortoCompletion.

14. HirePurchaseAgreementsandEquipmentLeases

14.1 TheVendormustsecureandthePurchasermusttakeanassignmentoftheHirePurchaseAgreementsandEquipmentLeasesasatandwitheffectfromtheCompletionDate.

14.2 ThePurchasermustprovidetotheVendorallinformationasisreasonablyrequestedinordertoobtainanassignmentornovationoftheHirePurchaseAgreementsandEquipmentLeases.

14.3 ThePurchasermustassume,performandobservethecovenantsandobligationsoftheVendorundertheHirePurchaseAgreementsandEquipmentLeasesfromtheCompletionDateandindemnifiestheVendoragainstanyClaimsorLiabilitiesarisingasaresultofanybreachofsuchagreementsbythePurchaseraftertheCompletionDate.

14.4 TheVendorindemnifiesthePurchaseragainstallClaimsorLiabilitiesarisingasaresultofanybreachoftheHirePurchaseAgreementsandEquipmentLeasesbytheVendoroccurringpriortotheCompletionDate.

14.5 IftheVendorisunabletoprocuretheassignmentornovationofaHirePurchaseAgreementorEquipmentLeasetothePurchaserpriortotheCompletionDate,thePurchasermay,atitsabsolutediscretion:

14.5.1 declinetoaccepttherelevantHiredEquipmentorLeasedEquipmentandreducethePurchasePriceaccordingtotheremainingsumowingundertherelevantHirePurchaseAgreementorEquipmentLease;or

14.5.2 iftheHiredEquipmentorLeasedEquipmentismaterialtotheoperationoftheBusinessandthePurchaserhascompliedwithclause14.2,immediatelyterminatethiscontractbynoticeinwritingtotheVendor.

15. PremisesLeases

15.1 ThePurchasermustprovidetotheVendorallinformationasisreasonablyrequestedinordertoobtainanassignmentornovationofthePremisesLeases.

15.2 Intheeventthat:

15.2.1 atransferorassignmentofoneormoreofthePremisesLeasesisnotreceivedfromthelessorsbyCompletion;or

15.2.2 theconsentofpersonsholdingasecurityinterest(includingamortgage)overoneormoreofthePremisestothetransferorassignmentofaPremisesLeaseisnotreceivedfromthatpersonbyCompletion,

thePurchasermay,atitsabsolutediscretion:

15.2.3 requiretheVendortoenterintoanotherarrangementacceptabletothePurchaserforthecontinuationoftheBusinessbythePurchaserattherelevantPremises;or

15.2.4 providedthatthePurchaserhascompliedwithclause15.1,immediatelyterminatethiscontractbynoticeinwritingtotheVendor.

16. BusinessContractsandArrangements

16.1 IftheassignmentofanyoftheBusinessContractsandArrangementsrequiresanotherparty'sconsenttheVendormust,untilCompletionandatitsowncost,useitsreasonableendeavourswiththeco-operationofthePurchasertoprocuretheconsentofthatotherpartytotheassignmentofthoseBusinessContractsandArrangementsfromtheCompletionDate.

16.2 ThePurchasermustprovidetotheVendorallinformationasisreasonablyrequestedinordertoobtainanassignmentoftheBusinessContractsandArrangements.

16.3 InrespectofeachBusinessContractandArrangementassignedunderthiscontract:

16.3.1 theVendorisresponsibleforcomplyingwithalloftheobligationsunderitfortheperioduptoandincludingtheCompletionDate;and

16.3.2 thePurchaserisresponsibleforcomplyingwithalloftheobligationsunderitfortheperiodaftertheCompletionDate;and

16.3.3 eachpartyaccordinglyindemnifiestheotheragainstallClaimsorLiabilitiesarisingoutoforinrelationtothenonpayment,nonobservanceornonperformanceofanyobligationsarisingunderorarisinginrespectofeachBusinessContractandArrangement.

16.4 IftheVendorisunabletoprocuretheassignmentofaBusinessContractandArrangementthePurchasermay,atitsabsolutediscretion:

16.4.1 requireanappropriatereductioninthePurchasePrice,takingaccountoftheexpectedvalueoftherelevantBusinessContractandArrangementtotheBusinessafterCompletion;or

16.4.2 iftheBusinessContractsandArrangementsarematerialtotheoperationoftheBusinessandthePurchaserhascompliedwithclause16.2,immediatelyterminatethiscontractbynoticeinwritingtotheVendor.

17. MotorVehicles

17.1 TheVendormustbearthecostofanynoticeofdisposalandanyroadworthinesscertificaterequiredtobeobtained(includingthecostofanyrepairworksrequiredtoobtaintheroadworthinesscertificate)inrelationtoanymotorvehicle(ownedorleased)soldortransferredunderthiscontract.

17.2 ThePurchasermustbearthecostofpreparingandlodginganynoticeofacquisitionorotherdocumentsrequiredtobelodgedundertherelevantmotorvehiclelegislationandallstampandotherdutiespayablewithrespecttothetransferofownershipofanymotorvehicleunderthiscontract.

18. EmployeesandOfficers

18.1 TheVendormust,atleast14dayspriortoCompletion,delivertothePurchaserallrelevantparticularsofeachEmployeeincludingtheEmployee'sdateofcommencement,applicableaward,totalremuneration(includingbonusesorprofitsharingarrangements),rostereddaysoff,superannuationorpensioncontributions,Workcarecontributions,accruedannualleave(includingloading)andaccruedlongserviceleaveentitlementsduetotheEmployeeasattheCompletionDate.

18.2 ThePurchasermust,atleast7dayspriortoCompletion,offertoemployeachEmployeespecifiedintheParticulars,witheffectfromandconditionalonCompletion,ontermsandconditionsnolessfavourablethanthoseonwhicheachsuchEmployeeisemployedpriortotheCompletionDate.

18.3 ThePurchasermustadvisetheVendorwhichEmployeeshaveacceptedthePurchaser'sofferofemployment(the"TransferringEmployees").

18.4 TheVendormustnotdoanythingtodiscourageanyEmployeefromacceptingemploymentwiththePurchaser.

18.5 TheVendormust,onandwitheffectfromthecloseofbusinessonthedaypriortotheCompletionDate,terminatetheemploymentofalloftheTransferringEmployees.

18.6 OntheCompletionDatetheVendormustpaytoeachEmployeewhoisnotaTransferringEmployee,orotherwiseceasesworkfortheVendor,allamountsduetohimorherasattheCompletionDate.

18.7 OntheCompletionDate,theVendormustpaytotheTransferringEmployeesallamountsowingandduetothemasattheCompletionDateinrespectofwages,salaries,commissions,bonuses,allowancesandotheremolumentsrelatingtoservicesrenderedpriortotheCompletionDate.

18.8 AtCompletiontheVendormustallowanadjustmentinfavourofthePurchaserofanamountcalculatedinaccordancewiththeformulasetoutbelowandthePurchasermust,witheffectfromtheCompletionDate,assumeresponsibilityfortheEmployeeEntitlements:

A=EECT

where:

Aistheamountoftheadjustment;

EEistheamountoftheEmployeeEntitlementsasattheCompletionDate;and

CTistheincomeorcompanytaxrateapplicabletotheVendorasatthedateofthiscontract.

19. Superannuation

19.1 AtCompletion,theVendormustproduceevidencetosatisfythePurchaserthattherearenooutstandingsuperannuationcontributionsowingasattheCompletionDateinrespectoftheTransferringEmployees.

19.2 IftheVendorfailstocomplywithitsobligationunderclause19.1,anamountequaltotheaggregateofanyoutstandingsuperannuationcontributionsowingbytheVendorasattheCompletionDateinrespectoftheTransferringEmployeesmustbedeductedfromthePurchasePrice.

20. Restraint

20.1 InconsiderationofthePurchaser,attherequestoftheVendorandtheCovenantors,agreeingtoenterintothiscontractandsolelyfortheprotectionoftheGoodwill,theVendorandtheCovenantorsjointlyandseverallyundertaketothePurchaserthattheywillnot:

20.1.1 fortheRestraintPeriodandwithintheRestraintAreapromote,carryon,assistwith,participateinorotherwisebedirectlyorindirectlyconcerned(financiallyorotherwise)withorinvolvedinanybusinessoractivitywhichisthesameasorsubstantiallysimilarto,orcompeteswith,theBusinessoramaterialpartoftheBusiness;and

20.1.2 fortheRestraintPeriod:

20.1.2.1 solicit,canvass,induce,orencourageanypersonorentitywhoisanemployee,contractororagentofthePurchaserintheconductoftheBusinesstoleavetheemploymentoragencyofthePurchaser;or

20.1.2.2 solicit,canvas,approachoracceptanyapproachfromanypersonorentitywhowasduringtheyearpriortoCompletionacustomeroftheBusiness,withaviewtoestablishingarelationshipwith(includingobtainingthecustomof)thatpersonorentityforabusinesswhichdoesormaycompetewiththeBusinessoramaterialpartoftheBusiness,

onitsortheirownaccountorfororonbehalfofanypersonorentity.

20.2 InconsiderationofthePurchaser,attherequestoftheVendorandtheCovenantors,agreeingtoenterintothiscontractandsolelyfortheprotectionoftheGoodwill,theVendorandtheCovenantorsjointlyandseverallyundertaketothePurchaserthattheVendorandtheCovenantorswillnotatanytimeafterCompletionuseasymbol,logo,domainname,trademarkorbusinessnamesubstantiallyidenticalordeceptivelysimilartothebusinessnames,trademarksorthedomainnamesoftheBusiness.

20.3 TheVendorandtheCovenantorsacknowledgethat:

20.3.1 theBusinessmaybeadverselyaffectedif,afterCompletion,theVendorandtheCovenantorsengageinanyactivityreferredtoinclauses20.1and20.2;and

20.3.2 theprohibitionsandrestrictionscontainedinclauses

20.1and20.2arereasonableandnecessarytoprotecttheGoodwill;and

20.3.3 theyhavereceivedvaluableconsiderationforagreeingtothecovenantsinclauses

20.1and20.2;and

20.3.4 theonlyeffective,fairandreasonablemannerinwhichtheinterestsofthePurchasercanbeprotectedisbytherestraintsandcovenantsimposedbyclauses

20.1and20.2.

20.4 Theprovisionsofthisclause20mustbeinterpretedinaccordancewithclause1.1.

21. Warranties

21.1 TheVendorandtheCovenantorswarrantandrepresenttothePurchaserasatthedateofthiscontractandasattheCompletionDatethematterssetoutinthisclause.

21.2 IftheVendorisacompany:

21.2.1 theVendorisdulyincorporatedandhasfullcorporatepowertoowntheAssetsandtocarryontheBusiness;and

21.2.2 theVendorhasthepowertoenterintoandperformthiscontract;and

21.2.3 nopetitionhasbeenissuedagainsttheVendortowinditupnorhasactionbeentakenorthreatenedtobetakentoseizeortakepossessionofanyofitsassets(includingtheAssets);and

21.2.4 nocontroller,administratorortrusteeoftheVendorhasbeenappointed.

21.3 IftheVendorisanaturalpersonoracompany:

21.3.1 therearenounsatisfiedjudgmentsagainsttheVendorwhichhavenotbeendisclosedtothePurchaser;norhasanysequestrationorderbeenmadeorwritofexecutionissuedagainsttheVendororanyofitsassets(includingtheAssets);and

21.3.2 theVendordoesnothaveanyinterestdirectlyorindirectlyinanycompanyorbusinesswhichisorislikelytobecompetitivewiththeBusiness;and

21.3.3 thesaleoftheAssetspursuanttothiscontractdoesnotresultinabreachofanyobligation(includinganystatutory,contractualorfiduciaryobligation)orconstituteadefaultunderorresultintheimpositionofanyencumbranceunderanyagreementorunder