There may come a time when you require your commercial lawyers from robertsonhayles.com.au to assist you in the process and legalities of selling your business. As you might expect, selling a business is not something that should be done without due process and due diligence, and given that the transaction may involve huge dollar amounts, it requires each element of the sale to be properly thought through and enacted.
One of the matters which will require particular attention if your business operates out of leased premises such as a retail store, an office, or a manufacturing facility, is the process of transferring the lease for those premises to the new owner of your business. This will depend upon whether the new owner wishes to keep the business in its present location and thus its current premises or chooses to move the business to a new location and new premises.
If they wish the business to remain where it is then there needs to be action taken so that they can become the new tenants of those premises. This can be achieved in one of two ways. The most common way is for you to assign the lease for the premises to the new owner. The second way is for you to end your lease by surrendering it, and for the new business owners to concurrently negotiate and agree to a new lease with the commercial landlord.
We face competition in all walks of life. Whether it is competing with someone for a promotion, challenging the other team on the sports field or even having a love rival as you try to convince someone to go out with you, there are going to be winners and losers. The same exists in the world of business, and whilst the likes of sports competitions have rules applied by referees, in the business world it is the rules set within commercial law which apply.
One of the main reasons that commercial law has its guidelines, its rules, and ultimately its legislation, is to try to ensure that every business, whether it be a sole trader, or a large corporation has as much chance of succeeding as any other. Further, commercial lawyers seek to prevent those with ill-intentions from what is effectively cheating.
One area where this is especially true is competition law and specifically anti-competitive actions. These are actions where a business owner or those within a business act in a way that prevents other businesses from having as equal an opportunity to succeed within a marketplace as they have. The main piece of legislation anti-competitive law that can be found in is the 2010 Competition and Consumer Act.
The 2010 Act contains the legal structure for eliminating anti-competitive behaviour, and also the punishments for those who try to carry them out. Within this legal framework, 6 anti-competitive actions are highlighted as being those which are believed to cause reductions, or worse, barriers to market competition.
The term ‘Heads of Agreement’ might conjure up some interesting images with some people thinking of a scene from a Coppola or Scorsese movie with the heads of two mafia families sitting down to agree on a deal. In truth, the reality is a lot less dramatic and no doubt some will be disappointed to discover that a Heads of Agreement (HOA) is simply a legal document, however, it can certainly be an important legal document in commercial law.
An HOA is somewhat of a halfway house agreement, so it can have far more legal significance than a simple shake of hands or a verbal agreement between two parties. However, it does not have the same level of legal weight as a formal contract. As such it may set out some of the preliminary agreements that have been reached and some of the key terms and conditions but falls short of being the formal contract.
When A Heads Of Agreement Should Be Used
Heads of Agreements can be used in several scenarios relating to commercial, civil, or family law. Its main use in commercial law is when two parties are working towards setting up a commercial partnership. It primarily sets out the expectations and the goals that both parties have for the partnership.