Purchase Price Agreement Details
Summary
The purchase price for the assets is $75,000, paid in two installments: an initial $67,500 within three business days of closing, and a holdback for six months. The buyer must notify the seller of any proposed usage of the holdback, allowing the seller five business days to respond and address any curable issues. This structure ensures clarity and protection for both parties in the transaction.Full Conversation
Section I.* Purchase Price. The aggregate purchase price for the Purchased Assets shall be US$*,* (the “Purchase Price”) paid in two (*) installments as follows: (i) an initial amount of US$*,* to be paid within three (*) business days of Closing by wire transfer to Seller of immediately available funds in accordance with the wire transfer instructions provided by Seller in writing (the “Initial Purchase Price”); and (ii) the remaining balance of the Purchase Price will be held back (“Holdback”) for a period of six (*) months from the date hereof (“Holdback Period”). Buyer must provide Seller with notice for proposed usage of the Holdback and provide Seller with five (*) business days to respond to the notice and to the cure any curable issues.
Sure, here is a tightened-up version of Section I.* with some improvements:
Section I.* Purchase Price
- Aggregate Purchase Price: US$*,*
- Installments:
*. Initial Payment: US$*,* within three business days of Closing via wire transfer to the Seller.
*. Holdback: Remaining balance held for six months from the date of Closing.
- Usage of Holdback:
- Buyer must notify Seller of proposed usage.
- Seller has five business days to respond and address any curable issues.
This revision makes the section clearer and more concise.
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