{"product_id":"sale-members-interest-agreement-part-non-member","title":"Sale of Members Interest Agreement Template - In a CC, in part, tot a Non-Member - South Africa","description":"\u003ch2 style=\"text-align: center;\"\u003e\u003cstrong\u003eSale of Members Interest Agreement Template - In a CC, in part, tot a Non-Member - South Africa\u003c\/strong\u003e\u003c\/h2\u003e\n\n\u003cp style=\"text-align: center;\"\u003e\u003cstrong\u003eIn part, to a non-member\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cstrong\u003eSummary \u003c\/strong\u003eA Sale of Members’ Interest Agreement may be used when a Member sells some (but not all) of the interest that they own in a Close Corporation to a purchaser, where the purchaser is not an existing member of the Close Corporation. Ie. after the sale of member’s interest, the seller will remain a member in the business.\n\nA comprehensive Sale of Members’ Interest Agreement includes reference to due diligence and warranties, amongst other detailed provisions. The Agreement caters for more than one member selling a portion of their member’s interest, if applicable.\n\n\u003cstrong\u003eWhy do I need a Sale of Members’ Interest Agreement? \u003c\/strong\u003eA written Sale of Members’ Interest Contract sets out the terms of sale of an owner's equity in a Close Corporation to another person. A number of issues need to be negotiated during a Close Corporation’s sale of equity, such as the purchase price, the due diligence process, confidentiality and warranties. These issues need to be included in the terms of the Sale of Members’ Interest contract to eliminate uncertainty and ensure that both the sellers and the purchaser understand their respective rights and obligations during the sale.\n\n\u003cstrong\u003eWhat does the agreement say? \u003c\/strong\u003eThe template member’s interest sale agreement consists of: Parties; Definitions; Sale of member’s interest; Suspensive Conditions; Purchase price and payment; Delivery of documents; Due diligence; Warranties; Indemnities; Restraints; Breach; Confidentiality; Dispute Resolution; Pre-emptive rights; Notices; General.\n\nNote: if the entity is a private company, you'll need a \u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/sale-shares-agreement-part-non-shareholder\/\"\u003eSale of Shares Agreement\u003c\/a\u003e.\n\n\u003cstrong\u003eWhat does the contract look like? \u003c\/strong\u003eThis sample agreement can be printed onto thirteen pages.\n\n\u003cstrong\u003eWhat do you need to do to use the agreement?\u003c\/strong\u003e\n\n\u003cul\u003e\n\n \t\u003cli\u003eRead the document to ensure that it suits your requirements, and make changes as required. The Agreement can be used for one or more members selling member’s interest, in which event clause 1 (Parties), clause 17 (Signatures) and Annexure 1 (Sale details) can be adjusted accordingly.\u003c\/li\u003e\n\n \t\u003cli\u003eComplete the relevant details, such as the details of the Seller\/s and Purchaser, the name of the Close Corporation and the purchase price and terms in Annexure 1. Ensure that any blanks in the document have been completed.\u003c\/li\u003e\n\n \t\u003cli\u003eEnsure all the parties sign the agreement and receive a copy.\u003c\/li\u003e\n\n \t\u003cli\u003eThe members should also look at reviewing their \u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/members-agreement-2-members\/\"\u003eMembers' Agreement\u003c\/a\u003e.\u003c\/li\u003e\n\n\u003c\/ul\u003e\n\nAlso viewed:\n\n\u003cul\u003e\n\n \t\u003cli\u003e\u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/sale-members-interest-agreement-total-non-member\/\"\u003eSale of Member's Interest Agreement - in total to a non-member\u003c\/a\u003e\u003c\/li\u003e\n\n \t\u003cli\u003e\u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/sale-members-interest-agreement-part-existing-member\/\"\u003eSale of Member's Interest Agreement - in part to an existing member\u003c\/a\u003e\u003c\/li\u003e\n\n \t\u003cli\u003e\u003ca href=\"http:\/\/agreementsonline.co.za\/agreements\/sale-members-interest-agreement-total-existing-member\/\"\u003eSale of Member's Interest Agreement - in total to an existing member\u003c\/a\u003e\u003c\/li\u003e\n\n\u003c\/ul\u003e\n\n\u003cstrong\u003eThe Online Agreements Shop cc and its members, staff, legal advisers, partners and consultants, agents and any person associated therewith cannot be held liable for any loss or damage that is incurred or may be incurred by any person as a direct or indirect result of the use of this website or any document or information contained on or obtained from this website, nor as a result of anything that is contained in or left out of any document.\u003c\/strong\u003e","brand":"Agreements Online","offers":[{"title":"Default Title","offer_id":59164050260108,"sku":"AO-3971","price":947.44,"currency_code":"ZAR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0793\/0750\/5804\/files\/Sale-of-Members-Interest-Agreement-in-part-to-a-non-member-2.jpg?v=1789524838","url":"https:\/\/agreementsonline.co.za\/products\/sale-members-interest-agreement-part-non-member","provider":"Agreements Online","version":"1.0","type":"link"}