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What Is An "Asset Purchase Agreement"?

An asset purchase agreement is a legal contract providing for the transfer and sale of the assets of a business. In New York and New Jersey, the majority of business purchase and sale transactions occur by way of an "asset purchase" (compared to a stock purchase). The asset purchase agreement identifies the purchase price, the assets to be transferred and the inclusion of other conditions of the business sale, such as non-compete covenants, due diligence contingencies, lease contingencies and lease assignment obligations.

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