BULK SALES AGREEMENT
(BULK SALES CONTRACT)
PARTIES. This contract is made
this __________________ (month & day), ______ (year) between
_____________________ of ___________________, herein called "Sellers,"
and ___________________, herein called "Buyer."
TO SELL. The Sellers shall sell to the
Buyer, and the Buyer shall buy from the Sellers, all of that certain stock of
goods, wares and merchandise belonging to the Sellers, and now located in the
storeroom at _________________, together with all merchandise therein,
belonging to the Sellers.
CLOSED FOR INVENTORY. Upon the
execution and delivery of this contract, properly signed and executed, and the
payment of the earnest money hereinafter mentioned, the store shall be closed
temporarily, and an inventory taken immediately, and delivered to the Buyer, at
the invoice cost of ___________________ ($__________), without including
transportation charges or expenses, deducting, however, any depreciation on
account of damages, wear and tear.
VALUATION OR ARBITRATION. The goods,
merchandise, furniture and fixtures shall be inventoried at
5. TIME TO
COMPLETE INVENTORY. ____ days shall be
allowed to complete the inventories, upon which date all of the property shall
be thereupon delivered by the Sellers to the Buyer.
IN ESCROW TO SECURE COMPLIANCE WITH BULK SALES LAW. The Buyer, in consideration of the premises, shall, upon the
execution of this contract, deposit in escrow in the ____________ Bank, the sum
of _______________ ($___________) as earnest money to bind the trade, the sum
to be returned to the Buyer in case the Sellers fail to make good title to the
property, and upon the consummation of the deal and the tender of the Sellers
to the Buyer of their certain bill of sale to the property, showing that the
Sellers have complied with all the requirements and conditions of the Bulk
Sales Law of _____________________ and that they will furnish to Buyer a full
and complete list of all creditors of the store, together with the amounts due
to the creditors. The creditors shall
be immediately paid in full such amounts as may be due to them, and that the
total amount shown to be due by the Sellers shall be deposited in escrow in
________________ Bank, until all creditors of the store give a release of their
claim against the store, or the individual members thereof, the Buyer shall pay
to the Sellers the total amount of the invoice in cash and the payment shall be
accepted in full payment for the property.
LIQUIDATED DAMAGES. All the
stipulations, agreements and conditions contained in this contract are to apply
to and to bind the heirs, executors and administrators of the respective
parties hereto, and, in case of failure, the parties bind themselves each to
the other in the sum of ____________ ($___________), as fixed and settled
damages to be paid by the failing party.