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Buy & Sell Agreement - 3 or more Parties. being legal entities. Death only
R 405.88
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BUY & SELL AGREEMENT
3 or more parties, being legal entities
Death only
Summary A Buy and Sell Agreement may be used to protect the shares in the event of the death of a company shareholder. It is intended to be used where there are three or more shareholders, with one or more of the shareholders being a legal entity. A Buy and Sell Agreement provides for the remaining shareholders to buy the deceased party’s shares.
Why do I need a Buy and Sell Agreement? A Buy and Sell arrangement sets out the procedure to be followed if a shareholder dies. A written agreement provides for the remaining shareholders to buy the equity, and it also refers to any buy and sell life policies that have been taken out to cover the purchase price. Standard Buy and Sell Agreements are usually associated with life insurance policies. But you do not necessarily have to have life insurance policies in place to implement a Buy and Sell arrangement. This Agreement includes the possibility of the death of a key individual, should one or more of the equity-owners be a legal entity such as a company or a trust.
Who should use a Buy and Sell Agreement? Shareholders in private companies should have a frank discussion with each other about what will happen to the shares should something happen to one of them. A Buy and Sell Agreement can be used if they decide that the remaining shareholders would buy the deceased shareholder’s shares in the event of death.
What does the agreement say? The standard terms consist of: Definitions; Introduction; Policies; Valuation; Purchase Price; Delivery of Documents; Cession of Policies; Disputes; General.
What does this agreement look like? The document can be printed onto seven pages.
What do you need to do to use the Buy and Sell Agreement?
Read the template Buy and Sell document to ensure that it suits your requirements. Make any changes as required.
Complete Annexure A by including the policy details of any buy and sell life insurance policies that may have been taken out.
Ensure all the shareholders sign the Agreement with each getting a copy of the final, signed agreement.
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